While the steady upward grind in EU natural gas prices has been less spectacular than the recent hockey stick-shaped surge in the price of arabica coffee beans, the doubling in EU gas prices since this time last year presents a pressing political problem. While buying more pipeline gas from Russia as part of a Ukraine-Russia peace deal would be politically delicate, given that this would surely be cheaper than the current practice of buying Russian LNG, the economic case is alluring.
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