Gros, Daniel - In: econPol Forum : a bi-monthly journal on European … 23 (2022) 6, pp. 13-15
The global supply of natural gas is fixed in the short run. Europe can replace the missing Russian gas only by bidding more than consumers elsewhere, especially in Asia, are willing to pay. The supply of gas available for Europe is thus highly inelastic; therefore, the marginal cost is an order...