The Russian invasion of Ukraine had massives repercussions and caused gas prices to increase all over the world.

 Canadians and Europeans are struggling with the price of gas barrels that Russia imported. Since the beginning of the war, natural gas prices have increased approximately by 6,5%. 40% of Europe’s gas supplies depend on Russia. They are willing to shift to gas to stop using their coal. 

Germany is most vulnerable because a few years ago, they shut down all of their nuclear stations and are going to stop coal production by 2030. “Russian gas and oil were the only affordable energy imports,” according to a German interviewed on CNBC, “until today Russia fulfilled all long term contracts…So the gas industry assumes Russia to be a rather reliable commercial partner.”

A gas pipeline in Russia that could heat up 26 million German homes is an economic interest in which Germany and Russia have been arguing since 2015. Last year, the 1 200km station construction got finished but no gas has been distributed anywhere. At the beginning of the invasion, chancellor Olaf Scholz abandoned the project.

In Canada, there was an increase of 0,40$ per litre on the east side and about 0,50$ on the west side in just two months. 

For the first time since 2014, the gas barrel prices rose over 100$ each. Canada imported 10 000 barrels every day in 2019 at a cost of 884 million $. 

 According to Canadians, the gas will increase to 2$ per litre or even more by the summer of 2022.