Europe’s Broader energy security st

Europe’s Broader energy security strategy for developing additional sources of supply, including domestic sources and reducing EU’s reliance on Russia, but it takes time to put the infrastructure in place, would address these problems only over the medium-long term, not within the next year.
Benchmark U.K. prices would need to rise 127 percent to attract liquefied natural gas if Europe had to replace all its Russian fuel (according to Energy Aspects Ltd. in London). LNG, shipped by tanker from as far away as Australia, would be the main alternative to the regional pipelines filled by Russia.
The 28-nation bloc gets a third of its gas from Russia, mostly via Ukraine, at an annual cost of about $53 billion. The EU would need to pay as much as 50 percent more to replace that with a combination of LNG, Norwegian gas and coal. (according to Bruegel, a research group in Brussels).
European terminals can import as much as 199 billion cubic meters (7 trillion cubic feet) of gas a year according to Gas Infrastructure Europe. Russia supplied 138 billion cubic meters to the EU last year, according to OAO Gazprom. It’s probably not impossible to eliminate Europe’s dependence on Russia for gas, but it’s not going to be a cheap or easy project. It would take some very difficult and very expensive policies.
It is clearly that the alternative gas supplies are either unavailable or prohibitively expensive in the short-term and there aren’t enough supplies on the global market to replace Russian imports. The strategy for development of additional sources of supply, including domestic sources and reducing EU’s reliance on Russia addresses medium and long-term security would be significant and stabilizing the EU economics.
Recently, the Organization of the Petroleum Exporting Countries- OPEC decided not to cut crude oil supply and the drop in oil prices to affect gas prices that would be successful resolve in short-term to reduce gas price in Europe and avoiding an economic crisis.