<
https://theconversation.com/4-reasons-the-largest-energy-crisis-on-record-has-been-held-at-bay-and-why-theres-pain-to-come-283148>
"The US-Israel war with Iran was predicted to cause the worst energy crisis in
history, according to the International Energy Agency.
Around 20% of the world’s liquefied natural gas (LNG) and 25% of its seaborne
oil supplies were affected. The impact should have eclipsed the oil shocks of
the 1970s.
But despite early panic, the crisis hasn’t been as widespread as anticipated.
Oil prices have dropped, even though the Strait of Hormuz hasn’t fully
reopened.
Why? Four reasons. First, oil markets are behaving as if the conflict will be
over soon. Second, other oil producers have seized the opportunity. Third,
demand for oil has fallen. And fourth, nations have been burning through their
oil reserves.
Is the crisis over? No. Oil reserves in many countries are now running low. The
United States, the world’s top user of oil, is about to enter peak driving
season from this weekend. If the Iran war drags on, as seems likely, a true
global crisis will be hard to avoid."
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
