• Live
    • Audio Only
  • google plus
  • facebook
  • twitter
News > World

Gas Prices in Europe Have Risen by 700 Percent in 2022, So Far

  • European countries have suffered an increase in gas prices by 700 percent since last year. Jul. 7. 2022.

    European countries have suffered an increase in gas prices by 700 percent since last year. Jul. 7. 2022. | Photo: Twitter/@lromao_ptbr

Published 7 July 2022 (20 hours 15 minutes ago)
Opinion

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."

RELATED:
Europe Reports More Than 4,500 Cases of Monkeypox in Two Weeks

"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.

In turn, Moscow has repeatedly warned that the rejection of Russian gas will harm European countries while benefiting the United States.

Comment
0
Comments
Post with no comments.