The West faces a new energy scourge: the oil crisis promises to supplement and even surpass the gas crisis within the next few weeks. Strategic oil reserves in the United States have plummeted to all-time lows. At a time of soaring gasoline prices, President Biden ordered them discounted and sent the black gold to the domestic market. Now the reserves have to be replenished, and there is no free market resource. This could mean two price hikes at once: for gasoline, in the U.S., and for oil in trading on the planet's major exchanges. The Wall Street Journal reports that tomorrow the G7 leaders will hold talks on limiting the price of black gold with the possible withdrawal of excess profits.
13 EU countries cut off from Russian fuel
In Europe the average monthly cost of power in August was the highest ever in the history of observations due to a sharp rise in gas prices - especially after the announcement of the suspension of gas pumping through the Nord Stream pipeline for the period of planned work.
The gas price in the EU has almost tripled in the summer - up to $2,500 per thousand cubic meters. And it's not the limit. At present, 13 EU member states are cut off from the supply of Russian gas.
