Global energy crisis: impact on the global economy

Peterson Ozili

MPRA Paper from University Library of Munich, Germany

Abstract: This paper explores the 2021-2022 global energy crisis. The 2021-2022 energy crisis was caused by many factors including the global campaign to reduce carbon emission, the shortage in fossil fuel reserves due to divestment from fossil fuels, the halt in oil production due to the COVID-19 pandemic and the Ukraine and Russia conflict. The empirical results show that gasoline prices rose in Asia, Europe, Africa, the Middle East and the Americas. The rise in gasoline prices occurred during the period when COVID-era restrictions were lifted in 2021 and also during the Russia-Ukraine conflict in early 2022. The correlation results show that gasoline prices in Middle East, Europe, Asia and the Americas were significantly correlated but not in Africa. The findings have implications.

Keywords: COVID-19 pandemic; gasoline; energy crisis; Asia; Europe; Africa; Middle East (search for similar items in EconPapers)
JEL-codes: Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-cis, nep-ene, nep-int and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:118791

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