While it may be the case that governments welcome higher oil and natural gas prices to discourage their use, energy consumers are likely to have a much different reaction.
Because of the huge increase in energy prices, inflation in the eurozone recently hit a 13-year high, heavily driven by natural gas prices on the Continent that are the equivalent of $200 oil.
Green energy: A bubble in unrealistic expectations? by David Hay.
Due to these massive energy price increases, eurozone inflation recently hit a 13-year high, heavily driven by natural gas prices that are the equivalent of $200 per barrel oil.
How stunningly? A myriad of US oil and gas producers are trading at free cash flow* yields of 10% to 15% and, in some cases, as high as 25%. In Europe, where the same pressures apply, one of its biggest energy companies is generating a 16% free cash flow yield.
Another coincidence is that this 6 million bpd surge in China's appetite for oil, almost exactly matched the increase in US oil production.
Once again, think where oil prices would be today without America's shale oil boom.
https://blog.evergreengavekal.com/green-energy-a-bubble-in-unrealistic-expectations/
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