EU considers natural gas purchase in response to surging energy prices

The EU is considering joint purchase of natural gas in response to the energy price surge that has sent household bills and industrial costs soaring across the continent.

One idea being floated by the European Commission is the collective purchase of gas stocks to form a “strategic reserve” that would be released during an emergency, according to an EU source. As with the EU’s common procurement of coronavirus vaccines, participation would be voluntary. But any action is not likely to be swift.

Across Europe, gas prices are at record highs, as a post-Covid economic rebound has sent global energy demand soaring while gas stocks across the continent are low after a cold winter.

Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.

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