The price of the natural gas delivered in the United States increased much more markedly, rising from around $ per megawatt hour before the pandemic to a peak of over $ last summer, before sliding back below $ (fig. 5).
However, it was the price of the natural gas delivered in Europe that recorded the most extraordinary dynamics, dwarfing even the 1973 oil price increase (which itself had increased four-fold): from slightly above € per megawatt hour in early 2020, it rocketed to € before the war, soaring to a peak of € last summer and then falling sharply, hovering 2  around € in the last few days.