The concern is reinforced due to Europe's dependence on oil and gas from other regions. In addition, many commentators fear domestic oil and gas resource depletion will produce significant supply scarcities in the short term, i.e., well before 2020. Thus, the purpose of this analysis is to address the subject by estimating conventional and unconventional oil and gas supply cost curves for the region.Recent years have seen increasing attention being paid to the broad issues of energy security and climate change, which are of the utmost importance for the European Union and its member states. Energy security has become a heavily discussed topic due to rising energy demand worldwide, increasing import dependence in many European countries, geopolitical tensions and conflicts, the globalization of formerly regional markets, and the need for a regulatory and policy response. In the period leading up to the 2008 financial crisis, the vast majority of investors were too optimistic about the future. Property prices would keep rising, the world economy, turbo-charged by globalization, would keep growing, only blue skies lay ahead. Increasing share prices, and the growth in lending reflected these positive expectations. Eventually the reality of mounting mortgage defaults chipped away at the positive mood and was reinforced by the failures of some over-exposed funds and institutions like Bear Sterns. In late 2008, the failure of Lehman Brothers delivered the final nail in the coffin to any remaining optimism and darkness overwhelmed the financial system. Share prices crashed, lending fell, and financial companies previously thought to be safe got into trouble. Suddenly, no one knew what or whom to trust. Without the lifeblood of confidence, the financial system ground to a halt. Only unprecedented intervention by many governments- and the infusion of trillions of dollars, euro, yen, pounds, and other currencies conjured up by central banks-saved the day and pulled the world back from the brink of a new Great Depression.