Former German Chancellor Gerhard Schröder explained the increase in gas prices in Europe

Former German Chancellor Gerhard Schröder called Russia a reliable supplier of gas to Europe; he attributed the historic increase in the price of the blue fuel to the international market situation and also noted differences in U.S. rhetoric and actions on trade with China.

Schröder pointed out that although gas prices for end users have risen less compared to other fossil energy sources, it is the increase in the price of this fuel that has caused the most discussion, and the media have begun to blame Russia as a major supplier.

“Whoever does a serious study, however, states: the reasons for the price increase must be sought in the international gas market – increased demand, global market trends and weather conditions,” says Schröder.

In Germany, France, the Netherlands, Italy, Spain and the UK, the biggest European economies, gas demand grew by 12 percent in the first half of the year. Schröder noted that European economies have started to recover from the recession caused by lockdowns in 2020, and that the prolonged and cold winter last year meant that the filling of gas storage facilities started months late this year.

Russia, on the other hand, is increasing its supplies to Europe. In his view, the situation on the natural gas market will stabilize in the next few years, including through deliveries from Russia and Norway, and by gradually filling the storage facilities. According to him, the crisis on the natural gas market has shown that natural gas goes to the highest bidder. The global gas market, the former chancellor concludes, is becoming more globalized.