The energy crisis that Europe is currently facing is one of the big unknowns for the economic recovery, and the inflation path, in the months ahead. The spike in gas prices, accompanied by oil prices at a seven-year high, is causing a lot of uncertainty for households as it results in large question marks surrounding energy bills for this winter and possibly beyond. The outcome of this crisis remains quite uncertain, and the severity of the European winter will matter a lot, but currently futures contracts imply a rapid decline of prices over the course of 2022. Even if that’s the case, the impact on consumers is ... (full story)