The European Commission will propose a system for EU countries to jointly procure gas to form strategic reserves of the fuel, a measure drawn up in response to soaring energy prices, according to a document shared with countries ahead of a summit this week. European gas prices surged to record highs in October amid tight supplies and high demand from global economies recovering from the COVID-19 pandemic. Prices retreated from those peaks but have crept back up in recent weeks amid cold winter weather and lower than expected imports from Russia.
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