Natural gas prices are soaring in the U.S. and around the world — and they're expected to keep climbing through the winter. Here's what's behind the spike and how it could impact you.
The 40% of U.S. homes that use natural gas could see their winter heating costs increase by a third, according to NEADA, whichBut much of this also depends on winter weather. The U.S. could be spared a massive spike if it's a mild winter.
Russia reduced natural gas supplies to Europe after the West imposed sanctions, leading to higher global prices for natural gas. Here, the logo of Russia's energy giant Gazprom is displayed at a petrol station in Moscow in September.Kirill Kudryavtsev/AFP via Getty Images Russia reduced natural gas supplies to Europe after the West imposed sanctions, leading to higher global prices for natural gas. Here, the logo of Russia's energy giant Gazprom is displayed at a petrol station in Moscow in September.A lot depends on whether Russia will turn its gas taps back on for Europe ahead of winter. Kremlin spokesman Dmitry Peskov said this month that Russia will resume gas flows only if the West lifts sanctions.
"Europe will be in a better place because it will have completely gotten rid of its dependency on Russian gas," says Agathe Demarais, global forecasting director at the Economist Intelligence Unit."After a few years, Russia won't be able to weaponize gas supplies anymore." Until then, as the U.S. continues exporting its supplies to Europe and demand remains high, this price spike may be here awhile.
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