What's Behind Europe's Industrial Collapse: Impacted Industries and Commodities

Europe’s natural gas prices have spiked by nearly 400%, causing rationing, and rolling blackouts in addition to energy-intensive industries having to cease their business operations. Industries ranging from aluminum, steel, fertilizer plants, and the power industry have been forced to close their doors due to sky-high energy prices. Some of Europe’s largest chemical plants have also been taken offline with no clear idea of when they will start up again. Additionally, European car manufacturers have begun hoarding windshields in anticipation of a glass shortage in the coming months. With severe gas shortages coupled with sky-high energy prices, the manufacturing industry is expected to slow down in the winter to conserve energy. The EU is expected to go into a deep-long recession that will deepen the cost-of-living crisis due to industry closures that can potentially do long-term damage to Europe.