Europeans get cheaper gas thanks to American led shale gas revolution

European political leaders - and taxpayers - might do well to remember, that they are $10 billion richer thanks to the American led shale gas revolution, which has forced the Russians to lower the price of natural gas:

OAO Gazprom may have to refund European customers as much as $10 billion in retroactive discounts after the Russian natural-gas exporter reduced prices in long-term contracts, Interfax said today, citing an unidentified person with knowledge of the matter.

The amount owed has grown from about $7 billion estimated at the start of the year, Interfax said. Of the total, Gazprom has confirmed $5 billion of refunds.

Gazprom’s agreement in March this year with Eni SpA (ENI) to lower the price of fuel deliveries applied the discount retroactively from the beginning of 2011, Interfax said.

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