Putin Says 'Era Of Cheap Gas' Almost Over

Washington, DC (AHN) - Russian Prime Minister Vladimir Putin said the "era of cheap gas" is coming to an end.

He made the remarks at a conference in Moscow to officials from other energy exporting countries. He said the manner of extracting gas and developing oil fields is becoming too expensive to sustain energy prices at their current levels.

Putin was addressing the Gas Exporting Countries Forum, a loose group of about 12 other energy exporting nations. The group, which has been meeting since 2001, is expected to sign a charter this week, according to the London Daily Telegraph.

Some officials from other countries fear the group may establish production quotas similar to OPEC, a claim Russia denies.

The European Union gets 42 percent of its gas from Russia, mostly via pipelines running through the Ukraine.