Geopolitical Tensions and Energy Prices Have Drastically Effected Shipping Prices!

Geopolitical Tensions and Energy Prices Have Drastically Effected Shipping Prices!

Russia’s invasion of Ukraine has had a profound impact on global energy prices, particularly in Europe, which relied heavily on Russian natural gas. Since the conflict began, European countries have scrambled to find alternative energy sources, driving up demand for liquefied natural gas (LNG) from the U.S. and Qatar. This surge in demand, coupled with the reduced supply from Russia, has led to a 40% increase in energy prices across Europe.

 The energy crisis is not only affecting households but also industries that rely heavily on gas and electricity, such as manufacturing and transport. Many European governments are resorting to emergency measures, including energy rationing and subsidies, to cope with the soaring prices. The energy crunch has also led to inflation spikes, complicating the economic recovery from the COVID-19 pandemic.

Source:  https://www.bbc.com/news/world-europe-62297376

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