![]() ![]() It has exported less gas than usual and has kept storage levels at European gas facilities owned by Gazprom, the Russian gas monopoly, at rock bottom. High gas prices raise electricity costs, threaten big increases in consumers’ bills and have pushed some energy-hungry factories like fertilizer plants and metal smelters into temporary shutdowns. Although prices are now about half of the peak reached late last year, they are roughly seven times higher than levels in the United States. Natural gas is trading at about five times the price of a year ago. It started when storage levels of gas fell well below normal last year. This winter Europe is living through an energy crisis, with soaring prices for natural gas and electricity. Why has Europe been hit so hard by the energy crunch? Here is a look at some of the key issues. Whether this will be enough to defuse the risk of an energy cutoff remains to be seen. On Tuesday, White House officials said discussions were underway to get more natural gas to the continent. In Europe, record high prices are drawing tankers of natural gas from the United States, Qatar and elsewhere.
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