Germany, along with the greater European Union, has promised to boost its lending to major energy firms as rising energy prices threaten to extend their crushing grip on the industry. According to Reuters, the European Commission has targeted specific paths to reduce electricity consumption along with placing a revenue cap on non-gas fueled plants.
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The Russian invasion of Ukraine sent economic shockwaves across the world, affecting the production of economic staples such as wheat and nickel and putting significant strain on the global supply chain, reports CNBC. The energy market is one of the most significantly affected industries, and the strain impacts far more than the West. Africa is beginning to feel the brunt of this crisis.
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COVID-19, climate issues, and supply and demand problems have driven gas and oil prices up since 2020, Foreign Policy says. Now, with sanctions placed on Russia due to its ongoing war on Ukraine, a large part of the world’s oil supply is cut off and supply and demand has gotten even worse.
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The ongoing energy crisis that started in Europe has rapidly reverberated across the globe, and the United States is not immune from its influences. However, while Energy Wire reports on Americans deep rooted concerns over gas prices and the domestic political impact it may have, U.S. oil production means the country is more involved in the crisis than some assume.
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