Energy markets around the world are embroiled in two distinct-yet-interconnected crises, impacting consumer budgets and invoking the specter of power rationing on multiple continents. Soaring energy prices add to the growing list of inflationary pressures facing the global economy, a list that already includes wage growth, supply shortages, and logistical logjams. Moreover, there’s a risk of inclement winter weather exacerbating energy supply issues, particularly with regard to Europe.