Despite its cool Green parties and ambitious wind and solar agendas, Europe remains by far the world’s largest importer of oil and natural gas.
Oil output in the North Sea and off the coast of Norway is declining, and the European Union is quietly looking for fossil fuel energy anywhere it can find it.
Europe itself is naturally rich in fossil fuels. It likely has more reserves of shale gas than the United States, currently the world’s largest producer of both oil and natural gas. Yet in most European countries, horizontal drilling and fracking to extract gas and oil are either illegal or face so many court challenges and popular protests that they are neither culturally nor economically feasible.
The result is that Europe is almost entirely dependent on Russian, Middle Eastern and African sources of energy.
The American-Iranian standoff in the Middle East, coupled with radical drop-offs in Iranian and Venezuelan oil production, has terrified Europe — and for understandable reasons.
Victor Davis Hanson // Fox News