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Global oil and gas prices have been rising sharply since last year as economies worldwide recovered from the coronavirus pandemic and demand for energy surged. Russia’s war in Ukraine created an full-on energy crisis as Moscow reduced or cut off natural gas flows to European countries that rely on the fuel to power industry, generate electricity and heat and cool homes.

Shrinking supplies, higher demand and fears of a complete Russian cutoff have driven natural gas prices to record highs, further fueling inflation that has squeezed people’s ability to spend and raised the risk of a recession in Europe and the U.K.

Although Britain only imports a small percentage of its gas from Russia, the U.K. relies more on gas than its European neighbors because it has less nuclear and renewable energy. It also does not have as much capacity to store gas, forcing it to buy on the short-term spot market that sees greater volatility in prices.

Posted By: ghostof barry butler on August 26th 2022 at 16:37:52

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