Russia’s cuts to gas supplies to Europe may have a serious impact on both Europe and consumers in the United States. Forbes columnist Sal Gilberti writes about this.

“The United States is not dependent on Russia for energy, but high fuel prices in Europe would lead to a simultaneous increase in the cost of fuel in America. Moreover, cutting off Russian supplies in winter would cripple the European economy. Consumers in the U.S. will also get theirs because natural gas prices have already gone up 95%,” Gilberti said.

He said consumers in the northern hemisphere are highly dependent on buying gas from Russia because they need it to heat their homes. Moreover, Europe knows firsthand what a harsh winter is like. At the same time, the stoppage of supplies from Russia has already resulted in a huge increase in gas prices for European countries. Moreover, the supply of all gas pipelines from Russia may be blocked, and the marginal prices of gas may be much higher than the current ones.

He added that gas prices in the US will also increase, but not as much as in Europe. However, if Europe does not have enough gas in winter, it will have to buy oil and coal. This will lead to higher prices for all fuels, since hydrocarbons have a synchronicity in price increases, albeit to different degrees. In any case, the European region should now prepare for a cold and dangerous winter season.

Earlier on Wednesday, the publication Politico, citing documents from the European Commission (EC), reported that the European Union wants to limit the price of gas from Russia to a price of €50 per megawatt hour. but they consider this measure risky.

We previously reported that oil prices accelerated on external factors.