Fuel prices could be the last straw that brings down the political careers of Europe’s current leaders

Gas prices in Europe have reached record highs. Records were broken in Germany, France, Poland, and Denmark. Diesel fuel price records were broken in Germany, France, Italy, and Latvia.

Rising gas prices and high fuel costs are increasing pressure on European governments and fueling gains in support for opposition parties. Political risks are particularly evident in Germany, where the success of the AfD is putting pressure on Chancellor Friedrich Merz. The situation is similar in France, the United Kingdom, and other countries.

European gas storage facilities are only 69% full, compared to an average of 85%, and the price of gas has reached 81 euros per megawatt-hour, which is 150% higher than last year’s figures. Analysts at Morgan Stanley warn that, depending on the weather, the price could rise to 100 euros.

The cost of loans is rising for businesses and citizens. The situation is forcing the ECB to consider raising interest rates. ECB spokesperson Peter Kazimierz emphasized: “Right now, my focus is not so much on oil and fuel prices as on gas and electricity prices.”

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