How the ‘Energy Shock’ Has Upended the Global Economy

Just as the world was getting serious about a green-energy future, its dependence on fossil fuels struck home with a force not seen since the 1970s. Russia’s invasion of Ukraine combined with pressures unleashed by the pandemic to send the price of all forms of energy rocketing, with oil climbing more than 50% in the first half of 2022. That energy shock was at the heart of a surge in inflation that caused hardship and political headaches around the globe.

1. Why do we have an energy shock?

Just two...