Near the end of 2021 the world was grappling with surging energy prices as Russia threatened to turn off gas pipelines to European countries over geopolitical tensions regarding Ukraine.
Gas prices, which seemed to have been stabilizing at the beginning of the year, are again showing signs of accelerating including in the U.S. as temperatures dropped.
Gas is currently one of the world’s biggest energy sources, accounting for 23 percent of global primary energy demand and nearly a quarter of electricity generation, according to the International Energy Agency (IEA).