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World Embraces Dirtier Fuels as Gas Hits Exorbitant Heights

  • Fuels from diesel to coal are less than half the price of gas
  • Oil power capacity limits a likely obstacle to fuel switching
A stack of coal at a coal wholesale market in Mumbai, India.

A stack of coal at a coal wholesale market in Mumbai, India.

Photographer: Dhiraj Singh/Bloomberg
Updated on

With high natural gas prices showing no signs of abating and supplies becoming harder to obtain, cheaper and dirtier alternatives to the fuel are looking increasingly tempting for energy-hungry buyers. 

Liquefied natural gas prices in Asia are now near $50 per million British thermal units. On an energy-equivalent basis, gas was at about double the price of diesel as of Friday, with high-sulfur fuel oil and coal cheaper still, according to data from S&P Global Commodity Insights.