According to expert insights and scholars from the Kleinman Center for Energy Policy and Perry World House, the latest energy price shocks are reshaping economic stability, global development, geopolitics and the pace of the clean energy transition.
Rising energy costs are already affecting transportation, food prices, electricity bills, infrastructure spending, and household affordability worldwide, adding pressure across both developed and emerging economies.
Sanya Carley, faculty director of the Kleinman Centers, said the impact is seen as immediate and tangible at the household level.
"High oil prices mean that people pay more at the pump," she said.
She said that at an average gasoline price of about US$2.94 per gallon (RM11.66 per 3.785 litres) in January, filling a 15-gallon tank (56.78 litres) would have cost around US$44 (RM174.57), excluding tax.
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Energy justice researcher Alison Knasin highlighted that higher fuel costs reduce disposable income available for essentials such as food, medicine, rent and utilities, increasing the risk of utility bill arrears and service disconnections.
She noted that such disruptions are strongly associated with poorer physical and mental health outcomes and said that rising oil prices could deepen energy insecurity, particularly when households are simultaneously facing pressures across housing, food and other basic needs.
Beyond households, the macroeconomic effects are increasingly evident.
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