Refresh this chart in your browser | Edit the chart in Datastream Europe’s sluggish economic performance relative to the US is sometimes blamed on its relatively expensive energy. That, in turn, is sometimes blamed on its efforts to decarbonise. But despite the growing share of renewables on Europe’s grid, it is gas prices that typically set the price of its electricity thanks to a marginal pricing system; and gas prices are about four times as high in Europe as they are in the US. There are several reasons for this. It is true that Europe has higher carbon taxes than the US,

Chesapeake Energy is the latest to join the fossil-fuel merger rush, and has the benefit of safety in numbers. That’s true in two ways: first, because its $7.4 billion purchase of Southwestern Energy is financially attractive for Chesapeake shareholders, and secondly because Boss Nick Dell’Osso is treading an M&A path that rivals like Exxon Mobil and Chevron have already beaten. The merger announced on Thursday – inspired by Dell’Osso’s own admission by the fact neither firm has much growth potential in an energy-soaked market – has something for both sides. The combination would be one of the biggest U.S. gas producers but,