Economist: Europe is witnessing an unprecedented energy shock
News reports revealed that the value of electricity bills in Italy and European countries has doubled, with the repercussions of Western sanctions on Russia, and the cessation of gas and oil supplies.
“Europe is witnessing an energy shock of unprecedented proportions,” TASS news agency quoted David Taparelli, head of the Italian analyst company, as saying.
He said that there are things we have not seen before this October, as energy tariffs, which have remained at the same level since the beginning of the year, have now doubled.
He pointed out that the price of gas previously was 0.7 and 0.8 euros per cubic meter, and at the beginning of this year the price rose to 1.37 euros, and this month it exceeded 2.3 euros.
He called on the Italians to prepare for rationing gas consumption during the coming winter.
O. al-Mohammad