Crude oil price to go up due European Gas Crisis: Moldova declares energy emergency!
Moldova, the former Soviet Republic sandwiched between Ukraine and Romania, declared a state of energy emergency in the afternoon on Friday, increasing the pressure on natural gas markets and of course, oil markets too as an inevitable consequence in the end. Russian energy giant, Gazprom, had been supplying natural gas for Moldova up until the contract expired in September. Although Russia renewed the contract up until the end of October, Gazprom increased the price of gas by more than 14% per a cubic meter of gas. The grim situation in Moldova shows how Europe has become at the mercy of Russian energy might, especially when the continent moves into the winter – in the absence of a substitute. The emergency is going to last until November 20, by which the country needs to find funds to purchase gas for its population of 2.6 million people; it needs over 2.8 billion cubic meters of gas every year, with the bulk being used for harsh, colder months. As there is no end in sight