European Businesses Reduce or Shutdown Due to Rising Energy Costs: WSJ

The rise in electricity prices has compelled European companies to cut back production or close their businesses, according to the Wall Street Journal.

For decades, European industry has relied on cheap oil and gas imported from Russia. Now, prices have surged; natural gas costs nearly three times more for Europeans than for American residents.

As of 2021, Russia supplied about 40% of the natural gas to the EU.

The increase in energy prices is expected to negatively impact production and economic growth in Europe. Experts predict that the German economy, the largest in the region, may experience a contraction overall.