Suddenly we’re in the middle of a global energy crisis

Press/Media: Expert Comment


Dr Lurion De Mello, Senior Lecturer, Department of Applied Finance at Macquarie University’s Business School, joins Luke Grant to explain why the world has found itself in the middle of a global energy crisis.

Dr De Mello writes, ‘European and Asian gas prices are at an all-time high, the oil price is at a three-year high, and the price of coal is soaring on the back of energy shortages across China, India and Germany.’

‘The surge in demand is being driven mostly by recovering economies and anticipated extreme weather across Europe and north-east Asia. China is stockpiling domestic coal and gas reserves, and Russia is reluctant to supply gas to Western Europe.’

‘Closer to home, Australia’s gas prices are soaring, but might soon plummet.’

Period13 Oct 2021

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