EU gas prices are roughly seven times higher than gas prices in the US.
As US natural gas prices spike to a 14-year high, Europe’s natural gas crisis is driven by its reliance on energy from Russia, which has slashed natural gas flows to Europe in response to Western sanctions. As a result, the EU has been forced to lay plans to ration natural gas, a drastic step that will hurt families and businesses. Natural gas prices have skyrocketed so high in Europe that it threatens to send the continent’s economy into recession. For context, Europe’s natural gas prices are trading at about $70 per million BTUs, according to Andy Lipow, president of Lipow Oil Associates. That is roughly seven times higher than prices in the United States.