Earlier this month, it was reported that Rishi Sunak was on the verge of signing an agreement with Joe Biden that could see the US supply billions of cubic feet of natural gas to the UK over the winter months. A week earlier, he had confirmed that the UK domestic fracking ban would remain in place under his administration, but perhaps he is confident that the imports will consist solely of the one-third of US gas production not derived through hydraulic fracturing.
Leaving aside the irony of the proposed deal, our newly installed prime minister would be keen to ensure that pensioners won’t freeze over the coming months, but also to secure any supply deal that leaves the UK less exposed to the vagaries of hub pricing.
Politicians have been quick to lay the blame on Vladimir Putin for the run-up in wholesale gas prices, but events in Ukraine have merely exacerbated a problem that has been a long time in the making.