The current energy crisis in historical perspective
Nya Fest Session 3: Sustainability and energy transitions in economic and business history organized by Mattias Näsman and Josef Taalbi
Abstract
The energy crisis of 2022 has several similarities to the oil crises of the 1970s, but there are also differences. This paper takes a very long perspective on the situation where EU tries to free itself from fossil fuels to save the climate, and at the same time urgently stand united in the energy war that Putin has inflicted on EU. We will discuss historical and contemporary limitations of areal energy resources, as well as the inflation and interest increases, which will possibly lead to stagflation (like in the 1970s), and the impact on energy markets as well as stock exchange markets. Last we will briefly touch upon whether this energy crisis will make move EU faster in achieving its renewable energy transition.
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