Bakindo Says Renewable Energy Shift Increasing Gas Prices

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Gas prices are rising due to the attempted shift to renewable energy sources, OPEC Secretary General Mohammed Barkindo told CNBC on Tuesday.“I have talked about a new premium that is emerging in the energy markets that I term the transition premium,” Barkindo told the financial news network at the Gastech conference in Dubai. Gas prices in Europe have surged as much as 280% so far this year and are threatening to push up winter fuel bills, hurt consumption, and exacerbate a near-term spike in inflation.

Environmental groups and governments around the world have been advocating turning away from fossil fuel and using cleaner forms of energy to cut carbon emissions.

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