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CHRONIC. Natural gas prices in the United States remain six times cheaper than on the Old Continent. Concerns about the relocation of certain industries persist.
By Patrick Artus
© Antoine Boureau/Hans Lucas via AFP
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LEnergy prices in Europe at the beginning of 2023 have come down significantly from the peaks reached in 2022. The price of oil is currently hovering around 80 dollars per barrel compared to sometimes more than 120 dollars in the first half of 2022. The price of gas in Europe is around 70 euros per MWh against peaks of 350 euros per MWh in 2022. But we should not be too happy about this development, for several reasons.
First, energy suppliers bought oil or natural gas when these sources were very expensive and blocked these prices : energy prices paid on average by consumers and businesses are much higher than short-term market prices. The French government, for example, guarantees that companies cannot…