In November 2021 there was a global event headlined by various commitments from developed nations especially the USA, UK, and Germany mentioning that they would stop non-renewable fuel usage by 2030-35.
By calendar months, it was only five months ago but in a constantly changing world, it has become history. Currently, various nations are trying to secure non-renewable sources of energy from all options available at any cost.
These are the results of sanctions and other measures applied by various countries on Russia due to its military operation in Ukraine. For now oil and gas are out of the sanction list that might change in May but then why such a panic?
According to the German government, the largest gas storage is only 1% filled. The current storage will be able to fulfil the demand in the next couple of months. And some corporates have already warned that any disruptions in gas supply will result in a shutdown of operations.
This is the situation that is being expected if and when Russia's fuel supply halts. The problem will not only be the price but also availability. Though some levels of agreements have been signed with the USA but unavailability of LNG terminals will create a problem in fully replacing them.
Such consequences have an impact on political situations as well in these countries during the upcoming elections. For example, the race for the French President has become close since the impacts got more evident.
Today oil and gas have regained the first page of headlines whereas Solar and other sources are not even being mentioned in a small article. Will all the conversations in the recent past will remain conversations for the time to come?