Russian authorities ignore plea to reopen gas pipeline
The Russian authorities have today ignored pleas from the international community to reopen gas supplies to Europe and other parts of the world via the Ukraine. This high risk game of cat and mouse has already impacted on gas prices in Europe and the rest of the world and is set to translate into high energy costs for many households in the UK.
It appears there are significant political moves in the background which are ongoing but as yet have proved unsuccessful. In essence the Russian energy companies have the European market "over a barrel" but cutting off gas supplies at this stage is a high-risk strategy as the Russian economy is itself under serious pressure. The Russian authorities must be aware that such moves as we have seen over the last few days will only speed up the process of finding alternative gas supplies to the European market which could eventually reduce the impact that Russia has in this area.
The increase in gas prices could not have come at a worse time as the UK enters one of the coldest periods of the year with more and more of the older population struggling to make ends meet and cover their energy bills. Despite assistance from the government there is great concern that many will be unable to use their heating over the cold winter months which could have serious implications.
Share this..
Related stories
U.K. scrapping scheme injects interest into the car market
Ahead of next week's official launch of the UK vehicle scrapping scheme many car manufacturers have reported increased interest from showrooms and web traffic. While the scheme has received significant criticism across the board many will be encouraged to see a surge of interest ahead of the scheme although whether this will follow through remains to be seen.
The option to scrap you...
Northern Rock announces new sponsorship deal for Newcastle United
In a bizarre about turn, Northern Rock has today confirmed a new £10 million four-year sponsorship deal with Newcastle United. Northern Rock was originally the main sponsor for Newcastle United but after the business hit trouble the deal was thought to be coming to an end with Newcastle United forced to look elsewhere for a big slice of its income. However, it seems that the new Northern Rock ban...
Read MoreHSBC slammed over holiday ad
HSBC has been criticised by an advertising watchdog, over misleading claims that customers would not be charged for making cash withdrawals overseas in one of its advertsThe Advertising Standards Agency (ASA) has ruled that the advert in question - which shows shots of foreign currency, with the tagline "Whoever's on your banknotes with bank account plus you can withdraw them worldwide and we won'...
Read MoreBritish Airways poised for cabin crew strike
Despite the fact that just 24 hours ago it appeared that British Airways was on the verge of an agreement with the Unite union, to avoid a crippling strike by cabin crews, the situation has turned full circle today. It has been revealed that despite the fact that Unite was willing to agree a 2.6% pay cut this year and negotiate on the number of cabin crew required on certain routes, British Airway...
Read MoreEDF set to leave gas prices on hold
The last few days have seen a number of headlines in the financial press in relation to energy companies and the unexpected reduction in both gas and electricity prices. However, EDF, the French owned energy provider, has today scuppered those hopes with the announcement that electricity prices will fall from 31 March (by an average of 8.8%) but gas prices will remain on hold for the time being.