Author Topic: IEA: Current Energy Crisis Is “Much Bigger” Than 1970s Oil Crunch  (Read 73 times)

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Offline Ptarmigan

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IEA: Current Energy Crisis Is “Much Bigger” Than 1970s Oil Crunch
https://oilprice.com/Energy/Energy-General/IEA-Current-Energy-Crisis-Is-Much-Bigger-Than-1970s-Oil-Crunch.html

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EA Chief Birol: The world faces a “much bigger” energy crisis than the one of the 1970s.
Back in the 1970s, the crisis was just about oil.
Birol: The world, especially Europe, could face a summer of shortages of gasoline, fuel, and jet fuel.

The world faces a “much bigger” energy crisis than the one of the 1970s, the Executive Director of the International Energy Agency (IEA), Fatih Birol, told German daily Der Spiegel in an interview published on Tuesday.

“Back then it was just about oil,” Birol told the news outlet. “Now we have an oil crisis, a gas crisis and an electricity crisis simultaneously,” said the head of the international agency created after the 1970s shock of the Arab oil embargo.

The energy crisis started in the autumn of last year, but the Russian invasion of Ukraine made it much worse as the markets fear disruption to energy supply out of Russia, while Western governments are imposing increasingly restrictive sanctions on Moscow over the war in Ukraine.

The oil crunch is worse than the 1970s. There are more people today than back in the 1970s.
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