Yahoo TV

STORY: Moscow's assault on its neighbor in 2022 heaped new pressures on global oil and gas supplies, already strained by the rapid economic rebound from the pandemic.

The world's top energy companies beat a hasty retreat from Russia - and wrote off tens of billions of dollars in the process.

Natural gas prices hit multi-year highs and oil neared an all-time record.

That turbocharged an inflationary spiral and cost-of-living crisis in many countries.

Western nations have scrambled to keep the lights and heating on.

Governments pushed to accelerate the deployment of solar and wind - but also rushed to secure more liquefied natural gas and coal.

Climate change targets often went on the back burner.

In Poland - home to Europe’s fastest-growing market for heat pumps - rules to limit smog were postponed, and some residents are staying warm by burning whatever they can, including trash.

The disarray has not ended. Stand by for more disruption in 2023 and potentially for years to come, warn analysts and energy industry insiders.

As 2022 drew to a close, costs for natural gas and heating fuel ebbed as economic activity declined.

But people could continue to struggle for some time as tight supplies cause more price shocks.

Meanwhile western governments are rethinking their relationships and reliance on not just Russia but China as well.

And they are increasing tax and aid packages to develop their own renewable resources and capabilities.