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2020s energy crisis
Worldwide crisis affected by shortage of energy supplies
2020s energy crisis
The 2020s energy crisis was an energy crisis that began in the aftermath of the COVID-19 pandemic, resulting in shortages and increased prices in oil, gas and electricity markets. The crisis was particularly acute in Europe, and especially following the Russian invasion of Ukraine, the energy crisis became popularly associated with Europe. The crisis was caused by a variety of economic factors, including the rapid post-pandemic economic rebound that outpaced energy supply, and escalated into a widespread global energy crisis. The price of natural gas reached record highs, and as a result, so did electricity in some markets. Oil prices hit their highest level since 2008. Higher energy prices pushed families into poverty, forced some factories to curtail output or even shut down, and slowed economic growth. It was estimated in 2022 that an additional 11 million Europeans could be driven to poverty due to energy inflation. Europe's gas supply is uniquely vulnerable because its lack in natural...
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