Gas Prices Rising Rapidly

The sanctions that were put on Russia backfire, as the gas prices increase rapidly.

Why are the prices rising?

The gas prices in the UK have significantly increased. At the start of March, sanctions were put on Russia due to Putin invading Ukraine. These sanctions impose many restrictions on aircrafts, shipping, immigration and trade of natural gas. 90% of the gas used in Europe is imported, according to the commission, with Russia providing 45% of those imports. Here are some statistics about countries’ gas imports from Russia: Bosnia and Herzegovina-100%   North Macedonia-100%  Moldova-100%  Finland-94% Latvia-93%   Serbia-89%   Estonia-79%   Bulgaria-77%   Slovakia-70%  Croatia-68%  Czechia-66%  Austria-64%  Greece-51%  Germany-49%   Italy-46%   Lithuania-41%  Poland-40%  Hungary-40%   Slovenia-40%   France-24%   Netherlands-11%   Romania-10%   Georgia-6%

Bosnia and Herzegovina-100%   North Macedonia-100%  Moldova-100%  Finland-94% Latvia-93%   Serbia-89%   Estonia-79%   Bulgaria-77%   Slovakia-70%  Croatia-68%  Czechia-66%  Austria-64%  Greece-51%  Germany-49%   Italy-46%   Lithuania-41%  Poland-40%  Hungary-40%   Slovenia-40%   France-24%   Netherlands-11%   Romania-10%   Georgia-6%

With all these countries not being able to get their gas from Russia, there is a shortage of gas around the world .Due to the demand being higher than the supply, the gas prices have increased. As the conflict between Ukraine and Russia continues, there is fear that the gas prices might also continue to rise.

The price cap will increase by £693 from April. It will be a record increase in global gas prices, with an energy price cap of 54%. From April the 1st, the price cap will increase for roughly 22 million customers. 

How does this affect people?

This rapid increase of gas prices greatly affects the people of the world.

We interviewed staff from The Beacon, a local prep school,  to see if the rise in gas prices has affected them. Claire says “Yes, it does affect me because I don’t get a lot of money from this job, the monthly income is lower than the gas bills. Also, I have to control my spending and I can’t go out with my friends a lot of the time. So, it affects me socially and economically.”

Ms Thomas says, “It does affect me because the energy bills have increased by £30 per week, and I can’t spend a lot of time with my friends and go out on weekends. So, it’s a bit of a bummer.” 

Mr Winter expressed his views on the situation, “Yes, it will affect me because it will be a lot more money. Right now, it is capped until the 31st of March but after that, it will start going higher and higher. I think it will double the energy bills but if not, it will be £1000 a year. It also affects me socially because I won’t be able to go out as much as I used to.” 

Clearly, this rise in gas prices affects many people, significantly increasing their monthly outgoings, leaving them with less money to spend on what they want. Some people with lower incomes may even find themselves losing money, as their monthly income becomes lower than their monthly outgoings.

Interviews  

Ms Thomas

“It does affect me because the energy bill goes a lot higher, it goes up by £30 per week. And I can’t spend a lot of time with my friends and go out on weekends, so it’s a bit of a bummer.”

Mr Winter

“Yes, it will affect me because it will be a lot more money. Right now, it is capped until the 31st of March but after that, it will start going higher and higher. I think it will double the energy bills but if not, it will be 1000 a year. It’s also affects me socially because I won’t be able to go out as much as I used to.” 

By Arjan B and Hugh M