The Energy Price Roller Coaster

Over the past two and a half years, world oil and gas prices have been subject to demand shocks and supply shocks – and sometimes both simultaneously. The resulting volatility in energy markets is both a reflection and a microcosm of a careening global economy.

The price of Brent crude oil declined from a “normal” $68 per barrel at the end of 2019 to $14 per barrel in April 2020 as the COVID-19 pandemic spread worldwide.