‘Revenge Of The Old Economy’ After Underinvestment In Fossil Fuels
Energy crisis? What experts are saying as world faces historic energy-price crunch
This time around, rising prices are being blamed on a confluence of events. These include the reopening of economies from pandemic shutdowns; decisions by China, one of the world’s largest importers of energy products; worries about major energy producers not ramping up output; and a fitful shift to renewable energy sources, while investment in fossil fuels has waned.
In the U.K., where the government is transitioning to renewables like offshore wind generation, a summer bereft of wind to turn turbines that, in turn, create power, has resulted in demand for energy outstripping availability. Difficulties transporting natural-gas supplies, due to labor shortages and other factors, also has worsened the crisis.