EU Panics Over Skyrocketing Energy Prices

As Europe’s benchmark gas prices hit records highs every day amid tight supply, the European Union (EU) is looking at a single-market response to the surging energy prices as it scrambles to keep its green targets amid soaring power bills. The benchmark European gas prices continued their rally this week, surging to new record highs on Tuesday to an equivalent of $205 a barrel oil, amid a wider energy commodity rally driven by supply concerns ahead of the winter. The gas price at the Dutch TTF hub, the benchmark gas price for Europe, even…