US-China Competition Intensifies in Global Energy Market

Kathmandu. Competition between the US and China in the global energy market is intensifying. On one hand, the US is trying to expand the global market for fossil fuels by increasing oil and natural gas production. On the other hand, China is increasing its influence in the field of clean energy through solar energy, batteries, and electric vehicles. The competition between these two powers is expected to directly impact the world's energy supply, prices, and efforts to control climate change.

The impact of this is already being felt in the energy bills paid by consumers in other countries. For the second time in four years, a war thousands of kilometers away has led to an increase in spending for consumers worldwide. After the US and Israel attacked Iran last February, the Strait of Hormuz was effectively closed, causing a sharp rise in oil and gas prices in the global market.