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Consumers face years of high energy prices, Big Oil CEOs warn

Consumers should brace for years of high energy prices, heads of top oil and gas companies said, in what would pile pressure on governments struggling with spiralling inflation. Oil and gas prices have rocketed in recent months as a result of a rapid recovery in global economic activity as COVID-19 restrictions have eased, as well as a drop in investment in new energy supplies. While oil and gas companies reported bumper earnings in 2021, consumers, particularly in Europe, have faced sharp rises in petrol, heating and electricity bills, which in turn have led several governments to introduce subsidies to ease the pressure.

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