Natural gas prices in Europe soar on pipeline setback

Bleak winter ahead for Europeans. The continent is battling a record-breaking surge in natural gas prices amid a severe energy crunch. The price of gas in the Netherlands for next month is now over 101 euros per megawatt-hour, the highest since October the 18th. This follows reports that Germany's energy regulator had suspended the approval process for a major new pipeline, Nord Stream 2, bringing Russian gas into Europe. The increase in energy costs has already pushed up inflation in several European countries. The crisis is said to be driven by other factors as well, including a gradual phasing out of coal, as well as higher demand due to the lifting of coronavirus-related restrictions in several countries.