Does this translate to recession in Europe? Global recession?
Energy as electricity is one alternative from natural gas fired power plants. Coal or nuclear can fill in. More green enery investment is needed.
Companies that use natural gas as a feed stock like chemicals and plastics are most vulnerable to production cuts.
We don’t hear much about oil shortages. Merely complaints about high prices. Russian component must not be huge.
Small number of EVs makes transportation most dependent on oil.