How will high global natural gas prices affect India?
Why do we need natural gas?
Natural gas is used to generate electricity and make fertilisers. It is also converted into CNG which is used to run automobiles. It is converted to LNG and is imported by countries to meet their energy requirements. So natural gas is as essential as oil.
Why is it in short supply?
Russia was the largest exporter of natural gas in 2021. But its invasion of Ukraine changed the equations, and plunged Europe into an energy crisis. And the effect of Europe’s energy crisis is slowly being felt in India too. It is threatening to derail its gas economy.
