The surge in energy prices in 2022 caused by the energy crisis may speed up the shift towards cleaner energy sources. We anticipate a continued decrease in oil and gas prices over the next ten years, although policy intensity may pose a downside price risk. This transition to cleaner energy is expected to provide relief to economies reliant on energy imports, as it will lead to lower global energy prices and a greater reliance on domestically produced renewable energy. Our analysis validates the benefits of decreased fuel import costs, but it is unlikely to fully eradicate current account deficits or debt issues for energy-importing nations.

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