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https://theconversation.com/oil-shocks-in-the-1970s-drove-rapid-changes-in-transport-it-could-happen-again-if-middle-east-tensions-continue-259670>
"As the world watches the US–Iran situation with concern, the ripple effect
from these events are reaching global oil supply chains – and exposing their
fragility.
If Iran closes the Strait of Hormuz as it is considering, it would restrict the
global oil trade and trigger energy chaos.
Petrol in some Australian cities could hit A$2.50 a litre according to some
economists. As global instability worsens, other experts warn price spikes are
increasingly likely.
What would happen next? There is a precedent: the oil shocks of the 1970s, when
oil prices quadrupled. The shock drove rapid change, from more efficient cars
to sudden interest in alternative energy sources. This time, motorists would
likely switch to electric vehicles.
If this crisis continues or if another one flares up, it could mark a turning
point in Australia’s long dependence on foreign oil."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
