Global energy crisis (2021–2023)

<p>A global energy crisis began in the aftermath of the <a href="/facts/COVID-19_pandemic/0xTsh7Ut">COVID-19 pandemic</a> in 2021, with much of the globe facing shortages and increased prices in oil, gas and <a href="/facts/Electricity_market/Ufskeaak">electricity</a> markets. The crisis was caused by a variety of economic factors, including the rapid post-pandemic economic rebound that outpaced energy supply, and escalated into a widespread global energy crisis following the <a href="/facts/Russian_invasion_of_Ukraine/kE7cHvoQ">Russian invasion of Ukraine</a>. The price of natural gas reached record highs, and as a result, so did electricity in some markets. <a href="/facts/Price_of_oil/hRnlD8Hn">Oil prices</a> hit their highest level since <a href="/facts/2000s_energy_crisis/tbgGe4eS">2008</a>.
</p><p>Higher energy prices pushed families into poverty, forced some factories to curtail output or even shut down, and slowed economic growth. It was estimated in 2022 that an additional 11 million Europeans could be driven to poverty due to energy inflation. Europe's gas supply is uniquely vulnerable because of its historic reliance on Russia, while many emerging economies have seen higher energy import bills and fuel shortages.
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Global energy crisis (2021–2023) open-in-new

Global energy crisis (2021–2023)