Russia's Putin says 'era of cheap gas' is over

MOSCOW: Russian Prime Minister Vladimir Putin on Tuesday warned consumers that the "era of cheap gas" is coming to an end, in a keynote speech to a meeting of gas exporting countries in Moscow.

"The expenses necessary for developing fields are rising sharply, and this means that despite the current problems in finances the era of cheap energy resources, of cheap gas, is of course coming to an end," Putin said.