Wholesale gas prices surged Tuesday as cold weather descended across most of the Continent, thanks to the shutdown of the North Sea’s most important oil and gas pipeline system and a fatal explosion at a major gas processing facility in Austria. Italy, where market prices have already more than doubled, has been hardest hit, with Rome declaring a state of emergency. If gas transit does not resume soon through Austria’s Baumgarten hub, Europe might be looking at high gas prices through winter. One person was killed and eighteen injured in the disaster.
Image: Wholesale gas prices increase
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