Natural gas prices are eight times higher than they were at the beginning of 2021. Much of the increase occurred before Vladimir Putin invaded Ukraine. The end of lockdowns played a role, with a sudden burst of pent-up demand. There’s also been insufficient investment worldwide to meet both our own energy requirements and the rapidly rising needs of China and other parts of fast-growing Asia.
How bad are things in the UK? Look at our trade balance in fuel. In the second quarter of 2019, a year before Covid made its mark, our fuel deficit was £3.5 billion. In the second quarter of 2022, the fuel deficit had widened to a whopping £13.8 billion, largely a reflection of surging import prices.
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Denne historien er fra August 17, 2022-utgaven av Evening Standard.
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Only £65k a month to live like Boy George
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