Why natural gas prices are soaring

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Why natural gas prices are soaring

Millions of households in Europe could be facing high gas bills this winter as the price of natural gas skyrockets across the continent.
08:23
Thu, Oct 7 20217:49 AM EDT

Gas prices have skyrocketed across the world, but the situation has become especially dire in Europe. 

Many European countries could face gas shortages and even blackouts as temperatures drop this winter.  

"A particular concern is how this will impact millions of low-income households who are going to be facing a really tight squeeze on their finances through winter,'" CNBC correspondent Sam Meredith said.  

"There has been research that suggested that in the U.K., for example, a typical low-income household will be as much as £1,750 ($2,375) worse off by next spring," Meredith added. 

"That's a huge concern, particularly as analysts warned that sky high gas prices are likely to be here to stay for that period." 

Watch the video above to learn more about the reasons behind this gas price hike.