What Are the Reasons Behind the Soaring Gas Prices?
As the Northern Hemisphere has moved into winter, the current worldwide surge in energy prices has raised fears of an energy crisis with serious implications. The focus of this brief Instant Insight is twofold. First, we provide a brief overview of the current energy market. We then discuss the potential short- and long-term implications for users of natural gas, both residential and industrial. The analysis highlights that, although the world debated reducing investment in fossil fuels at COP26 in Glasgow, OPEC (Organization of the Petroleum Exporting Countries) and its partners have had to deal with calls from major energy consumers to increase production to curb the current price trend.