The increases in oil and gas trigger the energy 'hole' in Spain to 7,000 million in two months

The energy crisis and the impact of the war in Ukraine are beginning to hit the state accounts hard.

Between the months of January and February alone, the country's energy deficit multiplied by two to stand at

compared to 3,110 the previous year.

This increase is explained by the sharp rise in oil and gas prices in the same period, and occurs despite the fact that Spain sold more electricity to neighboring countries through interconnections.

Spain has not been able to take refuge from the sharp increase in the cost of oil, which reached 129 dollars per barrel a few days after the start of the conflict, and that of gas, which multiplied by three when the bombs began to fall on Ukraine.

This meant that energy purchases shot up to

which represents an increase of 125% compared to the previous year despite the fact that, in volume, the increase was barely 12%.

That is, we buy a little more paying more than double.

Specifically, the country spent 7,608 million to import oil and 3,260 million to buy gas, 87% and 270% more, respectively, than in the same months of 2021. This energy dependency had a catastrophic impact on the trade balance of the country, whose

three times more than in 2021.

This deficit was not only increased by the hole in energy products, but also extended to consumer manufactures, durable consumer goods, capital goods and other raw materials.

Spain exported 28% more, as the Government presumes, but at the same time its purchases abroad shot up 43%.

The data published by Economy also illustrate how Spain increased its dependency on Russia between the months of January and February, already with the war started.

In this period, the country paid Vladimir Putin 1,179 million euros in imports of different products, while making sales of 371 million.

The result was a trade deficit of more than 800 million euros, which was also double that registered in 2021.

The trade report places Russia as one of the main suppliers of oil and coal along with

while in the case of gas, the main suppliers became the

The strong increase in sales of North American gas is striking, which has taken advantage of the closing of the Algerian tap to position itself as the first seller of gas to Spain.

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