Prospective strike action by workers at Australia’s second-largest liquefied natural gas (LNG) plant is being closely watched by European policymakers, concerned that a second winter of soaring energy prices could cause inflation to rebound.

European natural gas futures spiked 40% last week in reaction to the threatened walkout, at one stage reaching €43 ($46.75) per megawatt-hour (MWh). On Friday, the futures price remained elevated at €36.90.

Workers at Western Australia’s Gorgon plant and the Wheatstone downstream facility, both majority-owned by Chevron Corp, have begun voting on whether to take industrial action in their dispute over pay and job security.

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