European Gas Price Spike Highlights Painful Exposure To Global Markets

Earlier this month, the price of natural gas in Europe spiked by as much as 40% on the news that gas platform workers in Australia may launch industrial action. The strike could affect a tenth of global LNG, media reported last week, which would send prices higher. Indeed, the very threat of a strike sent prices higher, and once again highlighted Europe's difficult energy security position. Last year, the EU celebrated the success of its efforts to reduce its dependence on pipeline Russian gas. Indeed, that dependence was greatly reduced,…