Gas prices spike globally after Russia's decisions

Natural gas prices spiked to fresh record highs in Europe, with US futures hit 14-year highs after a decision by Russia to cut natural gas supplies to Europe. 

Gas Prices

European natural gas prices surpassed $56 per million British thermal units, equating $324 a barrel.

Russian Decision

Russia's state-owned oil company Gazproom cut down supplies to Europe to nearly 20% of some major pipes capacity. 

It was an expected decision as Moscow continues to use energy supplies as weapons against Europe. 

European Suggestions 

The European Commission proposed that members cut down their natural gas use by 15% to ameliorate the situation.

Europe depended on Russia for 40% of supplies before the latest invasion of Ukraine. 

US Gas

Similarly, US natural gas futures spiked to 14-year highs yesterday as demand increases and global coal prices spike and temperatures rise as well.

It's expected that prices will rise by 70% in July, breaking September 2009 record of a 63% profit.