Extreme weather conditions
Extreme hot or cold temperatures will increase energy demand, driving costs up. Likewise, extreme weather conditions such as hurricanes can disrupt supply and also elevate costs.
Growing economies with increased infrastructure demands drive up energy demand and costs. Poorly performing economies often result in reduced demand and lower costs.
Availability of supply
The majority of the energy we use is generated from fossil fuels such as coal and natural gas. This is generally the cheapest form of energy generation. When there is a shortage of these fossil fuels, other more expensive forms of energy generation will need to be used resulting in higher energy prices.