Austrian Chancellor urged to “stop the madness” in the energy markets

Austrian Chancellor Karl Nehammer. Archive photo

Austrian Chancellor Karl Nehammer called “stop the madness” in energy markets and advocated the same for the whole of Europe approach to solving this problem, writes Reuters.

“We must finally stop the madness happening in the energy markets. And this can only happen thanks to the European decision”, — said the head of the Austrian government.

Nehammer added that in its current form, the market itself will not adjust, and called on the EU to urgently to stop the “price explosion”.

Austria is among the countries with the highest share of consumption of Russian gas. Particularly from fuel from Russia depends on its industry.

Western countries, including Austria, faced with rising energy prices and a surge in inflation due to the imposition of sanctions against Moscow and the policy of refusal of the Russian fuel. Due to the cost of fuel, especially gas industry in the West has largely lost its competitive advantage that has affected other sectors of the economy.