EU price cap fails to address potential existential threat
A worst-case scenario of the implications of the proposed legislation could be tensions that test the bloc’s very unity
One of the more frustrating aspects of the current EU plan to put a cap on the continent’s gas price is that, while working to accelerated timescales, its politicians and policy wonks have had months to come up with a workable solution. That they have come up with such a flawed scheme cannot be blamed solely on lack of time. Capping the price of gas was first discussed at European Council level as long ago as May this year. Then, in early September, Ursula von der Leyen, president of the European Commission, floated the idea of capping the price of Russian gas. Key reasons Her proposal was quickly abandoned for two key reasons: firstly, amounting to a sanction, its adoption required unanimit
Also in this section
24 October 2024
Producers in the region see significant gains to be made by boosting output using the infrastructure already in place
23 October 2024
Markets have seen no material disruption from the war so far, but as the fighting goes on it is a matter of when, not if
23 October 2024
Majors in the region are pushing boundaries and could see significant upside, but longer-term risks remain
22 October 2024
Angola is unlikely to meet the official timeline for an IPO of state-owned oil giant Sonangol in 2026