The price of natural gas in European countries has risen 700 percent so far in 2022, pushing the continent into recession, a report predicts.
According to reports issued Tuesday, due to the significant increase in natural gas over the last year in Europe, this fuel has become the biggest trigger for global inflation and could jeopardize oil's position as the "defining fuel of geopolitics."
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"The world now thinks about gas as it once thought about oil, and the essential role gas plays in modern economies and the need for a secure and diversified supply have become very visible," said the director of energy policy research firm ClearView Energy Partners, Kevin Book.
In fact, the decrease in Russian energy supplies to Europe due to the crisis in Ukraine is seen as the leading cause of these increases.
Following the start of the Russian military operation in Ukraine on February 24, the U.S. and the European Union (EU) decided to become independent of Russian gas and oil, which has cost dearly to citizens in both territories.
Natural gas is posting price jumps that are extreme even by the standards of today’s turbulent markets — some 700% in Europe since the start of last year https://t.co/5LxdoPcKwm pic.twitter.com/IGrIsrWpOO— Sean Brodrick (@SeanBrodrick) July 6, 2022
In turn, Moscow has repeatedly warned that the rejection of Russian gas will harm European countries while benefiting the United States.