Is The Global Energy Market Ready To Make An Impact?

The price of oil and gas has spiked in recent weeks and is currently at a record high. In fact, natural gas has reached almost $100 per barrel in terms of oil. It is already trading at a record high in East Asia and has increased by over 85% since September. In Europe, a scramble for coal is fueling a spike in coal prices. Despite this, oil prices have remained low in the United States, where the country is a net exporter. The high prices of gas and oil are largely due to the fear of winter, according to Nikos Tsafos, an energy expert at the Center for Strategic and International Studies.

The recent spike in energy prices has raised concerns about a global energy crisis. Many have pointed to the price of natural gas, which has reached unheard of levels in Asia and Europe. In fact, gas spot prices are now over $320 per barrel in oil-equivalent terms. But the energy crisis has reached far beyond natural gas. Coal and carbon prices are reaching record highs, and gas-fired power plants are nearing the breaking point.

While many countries are taking action to diversify their energy sources, only a few have achieved the required goals. In fact, despite their recent successes, wind and solar are still behind coal in a number of key metrics. In 2021, global wind and solar generation will account for more than ten percent of the world’s electricity. In addition, solar and wind generation is predicted to grow by 17% each year through 2021, a rate significantly higher than the previous decade.