Global Energy Crisis

Abstract

This paper explores the 2021-2022 global energy crisis. The 2021-2022 energy crisis was caused by many factors including the global campaign to reduce carbon emission, the shortage in fossil fuel reserves due to divestment from fossil fuels, the halt in oil production due to the COVID-19 pandemic and the Ukraine and Russia conflict. The empirical results show that gasoline prices rose in Asia, Europe, Africa, the Middle East and the Americas. The rise in gasoline prices occurred during the period when COVID-era restrictions were lifted in 2021 and also during the Russia-Ukraine conflict in early 2022. The correlation results show that gasoline prices in Middle East, Europe, Asia and the Americas were significantly correlated but not in Africa. The findings have implications.

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