• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 9 days World could get rid of Putin and Russia but nobody is bold enough
  • 11 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 hours Even Shell Agrees with Climate Change!
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 12 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
This Might Be The Fastest Way to Double U.S. Grid Capacity

This Might Be The Fastest Way to Double U.S. Grid Capacity

Upgrading existing lines using advanced…

Iraq Moves to Take Control of Kurdistan's Finances

Iraq Moves to Take Control of Kurdistan's Finances

The Iraqi federal government is…

The EU Fails To Agree On A Natural Gas Price Cap

The leaders of the European Union once again failed to reach an agreement on a cap on gas prices, ending the latest round of discussions in the small hours of Friday with a decision to keep exploring options, Reuters has reported.

The idea of a price cap on gas imports was floated earlier this year and supported by 15 EU members, including Italy, Spain, and Eastern European countries. Others, however, are strongly opposing it, notably Germany and the Netherlands.

The concerns of those opposing the bill center on the possibility that a price cap will interfere with market signals and lead to higher consumption, which is the last thing the EU wants right now.

Last night, however, Germany’s Chancellor withdrew his government’s opposition to a cap, potentially opening the way to an agreement, the FT reported.

Hungary, meanwhile, has once again played the spoke in the wheels, saying Thursday it would not agree to a price cap on gas and will demand an exemption.

"It will simply not work. The outcome will be that we will have less gas in Europe, at a higher price, contradicting the original purpose," a senior Hungarian government official told Reuters.

"For Hungary this is not acceptable because the Russians already said very clearly that if it happens they will not send any more gas to Hungary, which from an energy security perspective would be unacceptable to us," Balazs Orban political director for Hungary’s PM also said.

EU officials have signaled they were happy with how the discussion ended but they have also admitted the real work was ahead: hammering out the details of any measures to tackle excessive gas prices will take time and a lot more effort, their statements suggest.


The challenge would be to respond to different demands made by different EU members, including Germany, whose support of the caps is far from unconditional. As Chancellor Scholz put it, “There is still a lot of concrete work to do there.”

By Irina Slav for Oilprice.com

More Top Reads from Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Mamdouh Salameh on October 21 2022 said:
    How could the EU think that a price cap on Russian gas exports will work in a tight global gas market underpinned by shortages, robust demand and a shrinking spare gas production capacity?

    Like a cap on the price of Russian crude oil, it won’t work because in both cases Russia will halt its exports to countries implementing the cap thus ending with less gas supplies in the market and more staggering prices.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News