Rallying energy commodity prices are expected to drive up primary energy expenditures globally to a record 13 percent of world gross domestic product (GDP), comparable to the energy cost levels in the 1979-80 energy crisis, research consultancy for energy technologies Thunder Said Energy said in a report on Wednesday. The expected record 13-percent energy expenditure would be three times the average level of 4 percent between 1900 and 2020, and 1.3 times the 2018 levels, the consultancy noted . Since the beginning of the 20 th century, primary energy expenditures have averaged 4 percent of global GDP, rising to 8 percent after the first oil shock, 13 percent after the second oil shock, 10 percent in 2008, and 8-10 percent in 2013-2015, when prices were high. Source: Thunder Said Energy The estimate of a record energy expenditure as part of global GDP assumes prices of $250-$300 per ton of […]