Crude prices hit $80 a barrel on Tuesday, and the Organization of the Petroleum Exporting Countries (OPEC) warned oil could skyrocket without increased investment in new production. So much for the claim that the death of fossil fuels is nigh.
Europe’s climate follies have created fuel shortages and price spikes that are rippling through global energy markets. Demand for liquefied natural gas in Europe has soared due to waning wind production, the shutdown of coal and nuclear plants, and lower Russian gas deliveries. But there’s not enough LNG to supply Europe and the world.