A perfect storm driving energy prices

“There is rising concern among policy makers, analysts and economists that the higher fuel prices arising from a combination of inadequate production, supply disruptions and a global demand surge, will derail the projected global growth trajectory in 2022,” says Sunway University economics professor Dr Yeah Kim Leng.(file pic)

ENERGY prices in the form of oil, gas, and coal are escalating to their highest in seven years, and economies around the world are feeling the pinch.

The international benchmark Brent crude oil price is up more than 60% to US$85 (RM353) per barrel, while the price of natural gas has doubled.