Europe Faces Record-High Energy Bill Of $1.2 Trillion This Year

Europe’s energy bill is set to surge to a record-high of $1.2 trillion in 2022 due to soaring energy commodity prices, which further rallied after Russia invaded Ukraine, Citigroup said in a new report cited by Bloomberg. Citi now expects Europe to pay for energy $200 billion more than it expected just last month, and the latest estimate now exceeds the previous all-time high spending on energy from 2008. To compare, Citi estimates that in 2021, Europe’s energy bill was just $300 billion, four times lower than the expected amount the…