Europe Celebrates Its Latest Recession With Record High Gas Prices
Just when you thought it was safe (well not really) to dip your toe back in the ocean of European equities on the back of the LTRO-enthused hope that credit contraction will cease and growth will return, we note another (perhaps more instantaneous) drag on the economic fortitude of the long-suffering people of the EU. Belgium's Beursduivel notes that the national average price for a liter of petrol (gas) has reached a Euro-zone record high of EUR1.76 which equates to a US (not imperial) gallon cost of (drum roll please) USD8.75 (given current EURUSD levels). As Greece, for example, basks in the hope of the failing Troika talks, they unfortunately will have to pay significantly more (double from 3 years ago) for their driving (or boat fuel) as despite the faltering economies across Europe, the price of petrol, diesel, and LPG are also near record highs - and all this without an actual Iran invasion.
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