Power Hungry

As Russia becomes more aggressive regarding its natural gas supplies, Europe faces a whole new energy crisis.

Oil may be headed for $200 a barrel and the price of everything from wheat to gold set to cause yet more ructions in world commodities markets, but for European businesses, households and governments, natural gas may be the next big headache. Like oil, the price of this fossil fuel is rising dramatically. Now EU officials and others in the industry are warning that Europe is facing a supply crunch as well, whatever the price.

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His words came shortly before the EU released its long-awaited report on a Priority Action Plan for achieving energy security in Europe. It followed a worrying stand-off two years earlier between Russia