War in Ukraine Prompts a Crisis
Russia’s invasion of Ukraine in late February rocked the world in many ways—including the energy space, where it left an indelible mark on the rest of the year. Oil prices were already high at the start of this year, thanks to a number of factors, but cutting off Russian gas supplies, which provided about 40% of Europe’s total imported gas at the beginning of the year, catapulted the world into an energy crisis and sent energy prices soaring throughout the summer.
Heading into 2022, the conflict is still dragging on and, experts say, could cause serious issues with energy supply in Europe this winter if problems arise. It’s also led to windfall profits for the oil and gas industry. But the conflict has helped kick off innovation in the energy space, as governments scramble to find alternative fuels and begin the clean energy transition in earnest.
