Rising Oil Prices And The Global Market

 

Not just China, the whole world is getting into an energy crisis now. Along with coal, natural gas and crude oil are also facing some unprecedented hikes in prices. Recently, the price rose to $80 for a barrel of crude oil. This price is the highest in the last three years.

The data depicts the hike in price in Europe. Whereas, it is a matter of concern for all the countries. The whole world may fall into an energy crisis as the winter months approach.

One of the major causes behind this is the pact signed by the countries to reduce the consumption of fossil fuels. The after-effects are quite visible from the crisis China is facing these days. The power crunch is the result of China’s contribution to the emission of greenhouse gases. China promised to lower its level of coal usage and thus now the focus has shifted to the other source of power generation. Crude oil is alternative China is trying to get back with.

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