Next winter's energy crisis will be far worse, oil CEOs warn

This winter's energy crisis will be nothing compared to the next one, CEOs of the energy companies have warned recently.

BP CEO Bernard Looney spoke at a panel where it was agreed that energy prices are becoming unaffordable.

Looney said that many people are spending half of their disposable income on energy and that this crisis may be manageable this year but next year could be more challenging.

The CEO of Italian oil and gas giant Eni was also worried about the lack of Russian gas next winter.

The Eni chief said that they are in good shape for this winter, but next winter will be a different story because they will not have Russian gas.

Europe's gas storage is around 90% full, but a large proportion of that is made up of Russian gas imported in previous months, as well as gas from other sources that was easier than usual to buy since major importer China was buying less due to its slower economic activity.

While European leaders are trying to figure out how to move from fossil fuels to renewable energy, one thing to note here is that this change will make household energy bills much more expensive.

This could cause some serious social unrest, as small to medium-sized protests have already begun popping up around Europe.

The protesters are also angry at the energy companies because their profits have been increasing as bills have gotten more expensive.