72.55% Say Energy Prices Surged in Their Country of Residence

Prices of oil and natural gas are skyrocketing. The record-breaking surge in energy prices even threatens to slow down the post-pandemic economic recovery. Moreover, gas is in demand for residential heating and cooking. This makes the price surge difficult for consumers.

As coal is causing much pollution, countries are resorting to natural gas. Thus, global coal use in electricity generation must fall by 80% below 2010 levels by 2030. Therefore, people are opting for transitional resources like wind turbines and solar panels. With this said, Real Research conducted a survey on this matter. Here are the survey results.

Highlights

• 72.55% say oil and natural gas have surged in their countries.
• Consumers/households are the most affected by the soaring energy crisis.
• Interest hikes in countries such as the US are causing soaring energy prices.
• 48.14% expect energy prices to ease next year.

Oil and Natural Gas Prices Are Skyrocketing in Various Countries

The Real Research results for a survey on the soaring energy prices around the world show that there is an energy price surge across the globe. This is supported by 72.55% who are saying ‘Yes’ prices for oil and natural gas surged in their countries. In contrast, 27.45% say that they have not experienced any energy price surge.

Besides oil and natural gas, the Real Research survey seeks to know if other energy prices are skyrocketing. Thus, results derived from the survey on the soaring energy prices around the world show that 68.16% say ‘Yes’. On the contrary, 31.84% say ‘No’. So, the results are a reflection of how the energy industry is soaring in prices globally.

Consumers Are Being Affected the Most by Soaring Energy Prices

There are a lot of factors contributing to the energy price surge. However, with such an increase Real Research asks who are the people being affected the most. To begin with, 33.53% say Consumers/Households, then 10.64% say Power plants, and 5.54% chose Coal and natural gas importing countries.

To add on, the survey asks about the cause of energy price increase. In their particular order, the results are China is hoarding coal and natural gas due to power shortages (28.11%). Industrial production is on the rise as the world economy has rebounded fast from the pandemic (13.08%).

The demand for heating and cooling has climbed due to extreme weather, such as cold waves and heat waves (5.52%). Recent declines in investment in oil and natural gas (5.20%). Energy supply cannot keep up with demand due to restrictions on fossil fuels and expansion of renewable energy production in each country (Greenflation) (4.46%). Other (21.26%). Not sure (22.38%).

Wind Power Has the Potential To Replace Oil and Natural Gas

Sources such as sunlight, wind, rain, tides, waves, and geothermal heat are renewable energies currently being used globally. Thus, for now, about 20% of humans’ global energy consumption is renewables, including almost 30% of electricity.

Therefore, the survey asks which renewable energy has the greatest potential to replace oil and natural gas. The largest percentage, 23.62% say Wind power, Hydropower (8.41%), and Solar energy (18.31%).

Moving on, the survey also asks about the biggest problem with the soaring energy crisis. 26.19% say interest rate hikes in major economies, such as the U.S., 7.30% say disruption in the logistics industry. 12.23% say inflation, 5.40% say a sharp surge in household energy bills, and 4.31% say risks on economic activities.

48.14% Expect Energy Prices To Ease Next Year

With renewable energy sources increasing in use, energy prices are also expected to decrease. Thus, Real Research asks respondents if they are expecting energy prices to ease next year. In response, 48.14% say Yes, 27.45% say No, and 24.40% are

Unsure. Therefore, most people are expecting renewable energy to replace oil and natural gas. That way, prices can decrease. Lastly, Real Research asks what can be done in response to the soaring prices.

Firstly, alleviate electricity bills (23.98%), produce more renewable energies, (13.30%), and alleviate oil tax (11.09%). Then, support for climate action, such as carbon emission reduction and extreme weather (6.23%). Finally, produce traditional raw materials constantly (3.73%).