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Gas traders push UK prices higher

The ongoing Ukraine Russian issue with regards to the exportation of gas to the European market has moved ahead this evening with traders pushing up the price of UK gas as a means of filling the growing shortage across Europe. This will mean that UK energy providers will need to pay more for their gas in the wholesale market and effectively kill stone dead any chance of reductions in UK gas bills in the short to medium term.

Many governments across Europe are concerned that the overdependence upon the Ukraine Russian pipeline has come to the fore once again as it did last year and consumers are paying the price. A number of experts believe that the Russian authorities are trying to divert the attention from their collapsing economy by instigating a new "Cold War", something which has been developing over the last couple of years.

The UK government's hands are very much tied with regards to the gas supply issue and despite numerous promises to ensure a reduction in energy costs across the country this appears to be out of the question at the moment. Quite what the authorities can do in the medium term is debatable as a free-market economy has downsides as well as upsides.

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