Just two years ago, many forecasters predicted that oil and gas prices were likely to remain lower for longer. Thanks to a perfect mix of underinvestment and rebounding demand, energy prices are soaring. The next crunch could be caused by actual shortages of fossil fuels, just like this year’s record coal prices were caused as much by the sudden spike in demand. Less than two years ago, the energy industry was being advised to get used to the fact that oil and gas prices would be lower for longer because there was so much supply. Coal was on its way out, and the future looked green and bright. Fast forward to October 2021. We have record-high gas prices, oil over $80 per barrel, and a boom in coal demand that has led to a surge in prices that even a year ago was probably unthinkable for many. What’s next? […]