Gazprom: European gas prices to reach $500

MOSCOW, July 4 (UPI) -- The cost of about 35 cubic feet of natural gas could reach $500 throughout Europe by the end of the year, the Russian energy company Gazprom says.

The chief executive officer for the natural gas company said the growing cost of oil worldwide would likely push the cost of natural gas up dramatically in Europe, ITAR-TASS reported Friday.

"We forecast for the end of the year that the Russian gas will be sold to Europe at over $500," Chief Executive Officer Alexei Miller said Thursday.

Miller also warned that if the cost of oil increased to $250 a barrel, the cost of natural gas would also rise to $1,000 for 35.3 cubic feet.