US using cheap gas to prop up economy, says Medvedev

Gazprom's deputy chairman claims the US government is keeping domestic gas prices low in order to stimulate its economy

The US government is keeping domestic gas prices lower than the rest of the world in a bid to stimulate its economy, Gazprom’s deputy chairman Alexander Medvedev claimed in a keynote address. Earlier this year, US gas prices fell to 10-year lows of under $2.50 per million British thermal units (Btu) after a huge ramp-up in the country’s shale-gas production depressed prices. Asian prices, meanwhile, have climbed to around $18/m Btu, driven by Japanese demand after it shut its last nuclear reactor on 5 May. European prices are around $9/m Btu. “Prices in East Asia are significantly higher than the European level, not to mention American prices, which are actually behind a protective barrier o