RE: Other side2 Nov 2021 09:27
This one ?
Oilvoice ... Chronic Underinvestment Could Send Energy Prices Higher For Longer By Irina Slav - Oct 31, 2021, Just two years ago, many forecasters predicted that oil and gas prices were likely to remain lower for longer. Thanks to a perfect mix of underinvestment and rebounding demand, energy prices are soaring. The next crunch could be caused by actual shortages of fossil fuels, just like this year’s record coal prices were caused as much by the sudden spike in demand. Less than two years ago, the energy industry was being advised to get used to the fact that oil and gas prices would be lower for longer because there was so much supply. Coal was on its way out, and the future looked green and bright. Fast forward to October 2021. We have record-high gas prices, oil over $80 per barrel, and a boom in coal demand that has led to a surge in prices that even a year ago was probably unthinkable for many. What’s next? Apparently, nobody knows. Oil demand was supposed to be nearing its peak, but now, forecasters are revising their forecasts because oil demand appears to be quite resilient to all attempts to stifle it artificially. Gas demand is through the roof and so are prices. And, like on oil, analysts are split in their opinions of whether this is only a temporary, short-lived problem or whether it could extend over a longer period. “This will be a crisis that is reoccurring over the next three or four years, simply because we don’t have a lot of new natural gas supply coming into the market in that period,” Richard Gorry from JBC Energy Asia told CNBC this week. “By 2025, the situation may change, but I think we definitely have a couple of years where we’re going to be looking at high energy prices,” he added. Energy Aspects Amrita Sen goes further: in a recent opinion piece for the Financial Times, Sen argued that high fossil fuel prices are here to stay, but instead of trying to bring them down, stakeholders should embrace the fact. The reason: higher fossil fuel prices will help us move away from them and replace them with lower-carbon energy sources
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