The price of essential commodities is subject to demand–supply dynamics and market mechanisms. The reasons for the increasing price of energy commodities often cannot be explained by demand–supply forces but rather by geopolitical factors. The increasing population drove the global energy demandGlobal energy demand, industrialization of developing economies, and increased the need for transportation and industrial production worldwide. This chapter discusses the global energy demandGlobal energy demand and supply and addresses the historical scenario of the oil crisis and the twin energy crisis from 2021 to 2022. The energy demand fell sharply as transport, business, and economies slowed, and Europe relied upon Russia for natural gas. The Russian–Ukrainian conflict impacted the energy distribution networks in Europe. The energy crisis during 2021–2022 disrupted global supply chains and led to supply shocks and spiraling prices. Fossil fuel production causes more than 90% of global externalities worldwide. In the fossil fuel category, oil is in the highest demand. Excessive reliance on fossil fuelsFossil fuels increases CO2 emissions, affects the global climate, and has many negative production externalities.