3. Transport and distribution

At the end of the 20th century, energy seemed abundant and therefore cheap. Demand was growing slowly, and resources seemed very adequate. Real or potential excess capacity allowed consumers to benefit from relatively low prices. The price of oil fluctuated between $15 and $25 per barrel –, with occasional falls to very low levels; the price of gas, indexed to that of oil, remained moderate; the price of coal tended to fall, in line with falling production costs.

Since 2000, we have witnessed a total transformation of the energy landscape: oil prices at a high level (the average price per barrel in 2007 was $72); gas prices in the United States and Europe at previously unheard-of levels; coal prices rising sharply. This situation is due to the sharp rise in demand in emerging countries, insufficient production capacity, geopolitical...