Natural Gas Prices Rise in Europe as Ukraine Crisis Deepens
Hello and welcome to As It Is from Learning English! Im Mario Ritter in Washington.
Today, we have two reports about energy -- its supply and development. In Hong Kong, researchers are seeking government help to develop biofuel from algae. The idea is to make fuel from these simple organisms in a cost-effective way.
But first, we hear how the crisis in the Ukraine could have an effect on Russian exports of natural gas to Europe. Gas supplies and biofuel from algae are our subjects today on As It Is.
Europe Hopes Crisis in Ukraine Does Not Affect Supplies
Natural gas prices have risen in Europe because of the crisis in Ukraines Crimean peninsula. Christopher Cruise has more in this report from s Henry Ridgwell in London.
Russia provides about 25 percent of Europes natural gas. Ukraine stands between Russia, the supplier, and Europe, the customer. Any conflict between Russia and neighboring countries can affect gas prices and supplies to the west.
Simon Pirani is a researcher at the Oxford Institute for Energy Studies in Britain.
The prices have risen in the traded market over the past couple of days because of anxiety about the availability of gas over both the medium and the long term.
Europe needs Russia for much of its gas supply. Ukraine is highly dependent on Russian gas. Russian companies can increase prices suddenly. That is what the huge energy company Gazprom says it will do next month for gas it sells to Ukraine. The Ukrainian state-owned company Naftogaz already owes Gazprom about $2 billion dollars.
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