The chairman and CEO of energy company Chevron has warned Americans to brace for price increases in natural gas this winter.

CEO Mike Wirth made the comments in an interview with CNN on Sept. 13 in which he warned consumers that “there’s certainly a risk that costs will go up” when it comes to natural gas.

“Prices already are very high relative to history and relative to the rest of the world. We’re already seeing this impact being felt in the European economy and I do think it’s likely that Europe goes into a recession,” Wirth said.

Europe has been suffering from an energy squeeze in recent months, driven by its decision to wean itself off fuel from Russia in the wake of its invasion of Ukraine along with chronic shortages and a move by some EU countries to phase out coal.

The outlook for Europe this winter is now looking more strained after Russian state-owned energy corporation Gazprom scrapped plans to restart gas flows through its Nord Stream 1 pipeline to Germany earlier this month.