This is rapidly developing into a decade of uncertainty with the global recovery from COVID-19 now being joined by Russia’s invasion of Ukraine.
The severe physical costs of the pandemic, coupled with the horrific aggression of the Kremlin’s war on its neighbour, have inevitably thrown the world into a human, economic and industrial crisis which shows no early sign of being solved.
The latest Short-Term Energy this month, concluded that current forecasts ‘remain highly uncertain’ largely due to the variety of ways in which nations, energy producers, and the market in total might respond to Russia’s invasion of Ukraine.
“Russia’s actions came at a time when global inventories of crude oil, natural gas, and coal were below average, contributing to continued price volatility and high prices,” said the EIA, adding that US petroleum and diesel prices subsequently hit multi-year highs in March.
In the Administration’s adjoining Summer Fuels Outlook, the forecast for the average price of petroleum and diesel is that the next few months will see prices reaching their highest inflation-adjusted levels since the summer of...
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