Oil prices rise faster than Liepāja's tram goes to Karosta

The global oil market is experiencing greater turbulence than Liepāja port in a fierce sea storm. Brent crude has risen 4.3 percent, while WTI is up 3.7 percent. To put that in perspective - that's faster than our tram goes to Karosta.

At the Dutch exchange, natural gas prices jumped 33 percent in a single day. "See, that's why I always say - better to heat with firewood," comments Karosta resident Jānis, who's been preparing his winter firewood supplies for the third year running. "In Riga they still think gas is eternal, but we here in Liepāja know - what's not dependent on pipelines is safe."

The biggest problems have been caused by the Strait of Hormuz, through which a fifth of the world's oil usually passes. Now hardly anyone goes through there. Liepāja port doesn't have such problems - here ships sail when they want and where they want. "We in Liepāja don't have straits - we have direct access to the sea," proudly explains port worker Edgars. "And if anyone tried to blockade our port, they'd have to deal with the Karosta boys."

Economic analysts warn that rising energy prices could create new challenges for central banks. But at Liepāja's Central Market there's no such problem - here prices only change when seasons change or when Marija from Grobiņa brings especially tasty cucumbers.