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Global energy crisis: impact on the global economy

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  • Ozili, Peterson K

Abstract

This paper explores the 2021-2022 global energy crisis. The 2021-2022 energy crisis was caused by many factors including the global campaign to reduce carbon emission, the shortage in fossil fuel reserves due to divestment from fossil fuels, the halt in oil production due to the COVID-19 pandemic and the Ukraine and Russia conflict. The empirical results show that gasoline prices rose in Asia, Europe, Africa, the Middle East and the Americas. The rise in gasoline prices occurred during the period when COVID-era restrictions were lifted in 2021 and also during the Russia-Ukraine conflict in early 2022. The correlation results show that gasoline prices in Middle East, Europe, Asia and the Americas were significantly correlated but not in Africa. The findings have implications.

Suggested Citation

  • Ozili, Peterson K, 2023. "Global energy crisis: impact on the global economy," MPRA Paper 118791, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:118791
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    File URL: https://mpra.ub.uni-muenchen.de/118791/1/MPRA_paper_118791.pdf
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    References listed on IDEAS

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    1. Islam, Md. Shafiqul & Al-Amin, Abul Quasem & Sarkar, Md. Sujahangir Kabir, 2021. "Energy crisis in Bangladesh: Challenges, progress, and prospects for alternative energy resources," Utilities Policy, Elsevier, vol. 71(C).
    2. Fan, Weiyang & Hao, Yu, 2020. "An empirical research on the relationship amongst renewable energy consumption, economic growth and foreign direct investment in China," Renewable Energy, Elsevier, vol. 146(C), pages 598-609.
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    Cited by:

    1. Szczygielski, Jan Jakub & Charteris, Ailie & Obojska, Lidia & Brzeszczyński, Janusz, 2025. "Energy in turmoil: Industry resilience to uncertainty during the global energy crisis," Applied Energy, Elsevier, vol. 389(C).
    2. Bouteska, A. & Ha, Le Thanh & Hassan, M. Kabir & Safa, M. Faisal, 2024. "Riding the waves of investor sentiment: Cryptocurrency price and renewable energy volatility during the pandemic-war era," Journal of Behavioral and Experimental Finance, Elsevier, vol. 44(C).
    3. Alina Razaq & Abdus Samie & Muhammad Bilal Saleem & M. Amjed Iqbal & Muhammad Awais Jameel & Muhammad Yousuf & Muhammad Qadeer Ashraf, 2023. "Investigating the Impact of Energy Consumption on Economic Growth of Pakistan: An Econometric Analysis," Journal of Economic Impact, Science Impact Publishers, vol. 5(3), pages 225-230.
    4. Nepal, Rabindra & Liu, Yang & Wang, Jianda & Dong, Kangyin, 2024. "How does green finance promote renewable energy technology innovation? A quasi-natural experiment perspective," Energy Economics, Elsevier, vol. 134(C).
    5. Pan, Xiongfeng & Li, Jinming & Zhao, Lei, 2024. "Spatial conditional convergence analysis of total factor energy efficiency based on industry transfer and technology diffusion," Energy, Elsevier, vol. 307(C).
    6. Aslam, Faheem & Hunjra, Ahmed Imran & Memon, Bilal Ahmed & Zhang, Mingda, 2024. "Interplay of multifractal dynamics between shadow policy rates and energy markets," The North American Journal of Economics and Finance, Elsevier, vol. 71(C).
    7. Szczygielski, Jan Jakub & Charteris, Ailie & Obojska, Lidia & Brzeszczyński, Janusz, 2025. "What does energy price uncertainty reveal about the global energy crisis?," International Review of Financial Analysis, Elsevier, vol. 104(PB).

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    Keywords

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    JEL classification:

    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q47 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy Forecasting
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q49 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Other

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