News wire — Gas prices are rising due to the attempted shift to renewable energy sources, OPEC Secretary General Mohammed Barkindo told CNBC on Tuesday.
“I have talked about a new premium that is emerging in the energy markets that I term the transition premium,” Barkindo told the financial news network at the Gastech conference in Dubai.
Gas prices in Europe have surged as much as 280% so far this year and are threatening to push up winter fuel bills, hurt consumption, and exacerbate a near-term spike in inflation.
Environmental groups and governments around the world have been advocating turning away from fossil fuel and using cleaner forms of energy to cut carbon emissions.
- Reuters (Reporting by Sahil Shaw in Bengaluru; editing by Uttaresh.V)
- Follow us on twitter
