The harbinger of the European recession to come: Family businesses shocked by unaffordable energy bills
Rome’s Testaccio neighbourhood has been associated with food for two millennia. In ancient times, it was filled with warehouses that stored the grains, wines and oils brought up by river barges from the cargo ships that docked at Rome’s Mediterranean port.
He expects a similar 300 to 400 per cent rise in his gas bill. Some of the food items he buys at the local markets, like pecorino cheese, which is made from ewes’ milk, have almost doubled in price since the war started in February. Both sides have used the war to weaponize energy. Europe wants to take Russian oil off the market and has imposed a partial embargo on Russian crude oil and petroleum products – oil is up 30 per cent in the last year. The region also wants to wean itself off pipeline gas from Russia, the single biggest source of the fuel for much of Western Europe, especially Germany and Italy.
There is no easy way to bring down energy costs for businesses or households, and politicians up for re-election are getting nervous that voters facing energy poverty will use the ballot box to retaliate.
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