Energy Costs Soar in Europe

“European power prices have soared so much that they’re now equal to more than $1,000 per barrel of oil,” Bloomberg reports.

“A gas crunch is the main driver — with Russian supply cuts pushing the fuel’s price to about 13 times its seasonal norm — while heat waves and drought boosted electricity demand and cut hydro and nuclear output. Coal-fired plants may offer little relief, since that commodity has hit a record.”

Wall Street Journal: “Saudi Arabia and some of its oil-producing allies have suggested cutting crude production, disappointing U.S. officials who predicted the kingdom would be instrumental in cooling the market after President Biden met Crown Prince Mohammed bin Salman for the first time in office.”