Why Guyana's Oil Boom Can't Solve The Current Energy Crisis

The war in Ukraine, the subsequent U.S., and UK ban on Russian oil imports, Europe’s energy crisis, and supply constraints all highlight the need to expand global crude oil production. Nearly a decade of under-investment due to the late-August 2014 oil price collapse saw significant supply constraints emerge which are being exacerbated by surging energy demand as the COVID-19 pandemic winds down. This sparked a massive oil price rally which was further buoyed by Moscow’s invasion of Ukraine, Europe’s second-largest country, and…