Energy Crisis- the end of the beginning, not the beginning of the end​.

Oil prices will reach $120 in 2022 and $140 in 2024.  Imbalance in supply and demand drives prices up.  This piece looks at: 

Demand : 
1. global avoidance of recession; 
2. China reopening .

 Supply: 
1. Under-investment in fossil fuels;  
2. The end of the Cold War deal supporting heinous autocracies in return for cheap oil; 
3.  fading US shale bonanza; 
4. Putin's losses due to embargo, price caps and a dearth of Dark Tankers; 
5. The EU non-teeth chattering gas crisis in winter but the coming squeeze on global     LNG markets as China ups its demand   
6. Venezuela