This webinar shows that demand for oil and gas will expand mainly as energy consumption shifts to Asia and emerging economies. We show that the installation and operation of renewables are energy and metals intense and do not decrease the demand for commodities. On the contrary, we show that years of underinvestment in energy and metals production explain why supply bottlenecks will prevail, and the current energy crises Europe faces could become a new normal. Inflation might be less transitory as central banks have limited ammunition to halt supply-related spikes in oil and natural gas during winter. This could be a promising investment regime for active energy investors.