Impact of high energy prices
Energy is the cornerstone of the evolution of mankind and we are highly dependent on low cost fuels.
With energy prices as high as today, it has consequences all over the world and every day it is discussed whether the lack of resources might end up in a global energy crisis as seen in the 1970es.
According to the UN's Food and Agriculture Organization, energy prices influence all parts of our everyday life and are also seen as a determining factor for the high food prices.
Examples:
Consumers
In the UK, 16 % of all households now live in fuel poverty, meaning that they spend more than 10 % of their income on energy expenses. Read more about the UK’s fight against fuel poverty
Developing countries
Industries
The energy prices have a high influence on the revenue of companies all over the world due to the fact that an increasing number of consumers spend more money on energy than food, clothes and consumer goods. At the same time, companies’ expenses for energy use in production and fuel for vehicles, etc. increase.
