The World is Looking at a Potential Energy Crisis

energy

Far from recovering from the COVID-19 shock, the world is approaching a new energy crisis that has not been seen since the 1970s.

Gas prices in Europe and Asia are at an all-time high. Oil prices are at a three-year high. Moreover, coal costs are skyrocketing due to energy shortages in China, India, and Germany. This was in part due to fluctuations in energy use during the worst moments of pandemic disruption. However, it was also caused by a mild winter in the northern hemisphere.

According to the International Energy Agency (IEA), gas demand will increase by 3.6 percent by 2021. If unchecked, worldwide gas usage could be 7% higher than pre-pandemic levels by 2024.

The fact is that European gas production is declining. Several North Sea gas resources are depleting. As a result,...

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