Left in The Dark

○ Europe’s buying up gas in a big way, causing shortages and blackouts elsewhere

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Bills will be high, but Europe will survive the winter: It’s bought enough oil and gas to get through the heating season.

Deeper costs will be borne by poorer countries, which have been shut out of the gas market by Europe’s suddenly ravenous demand. It’s left emerging economies unable to meet their needs, and the most likely consequences—factory shutdowns, more frequent and longer-lasting power shortages, and social unrest—could stretch into the next decade.

“Energy security concerns in Europe are driving energy poverty in the emerging world,” says Credit Suisse Group AG energy analyst Saul Kavonic. “Europe is sucking gas away from other countries whatever the cost.”

After a summer of rolling blackouts and political turmoil, more moderate temperatures and heavy rains have alleviated the immediate energy crises in Pakistan, India, Bangladesh and the Philippines.

But any relief promises to be temporary, with the cold of winter on the way and the odds of securing long-term supplies slim. A strong US dollar is also complicating matters, forcing nations to choose between fuel and debt payments. And global energy suppliers are wary of selling to countries that could be heading for default.