https://www.wsj.com/articles/joe-bidens-energy-price-shock-oil-gas-opec-shortage-11632950693?mod=opinion_lead_pos3
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.
Asia and Europe are having to burn more coal to keep their lights on. But coal is also in short supply, and factories in China are shutting down as local governments ration power. Gas-powered generators in Asia are switching to burning oil, which is also pushing up crude prices.
Goldman Sachs projects that crude could hit $90 a barrel by year end, which could add 10 to 20 cents a gallon to gasoline prices at the pump. White House Press Secretary Jen Psaki on Tuesday assured Americans that the Administration is speaking “to international partners, including OPEC” about “doing more to support the recovery.” How about encouraging more U.S. production?