IEA Says The World Is Careening Toward An Energy Crisis That Could Be Worse Than The 1970s

Foto: Gareth Fuller / dpa  

CNN: The world may be careening toward a 1970s-style energy crisis -- or worse 

New York (CNN Business)The world is grappling with gravity-defying energy price spikes on everything from gasoline and natural gas to coal. Some fear this may just be the beginning.

Current and former energy officials tell CNN they worry that Russia's invasion of Ukraine in the wake of years of underinvestment in the energy sector have sent the world careening into a crisis that will rival or even exceed the oil crises of the 1970s and early 1980s. 

Unlike those infamous episodes, this one is not contained to oil. 

"Now we have an oil crisis, a gas crisis and an electricity crisis at the same time," Fatih Birol, head of the International Energy Agency watchdog group, told Der Spiegel in an interview published this week. "This energy crisis is much bigger than the oil crises of the 1970s and 1980s. And it will probably last longer."  

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WNU Editor: When I look at the price for gas where I live in Montreal, IMHO we are not careening towards an energy crisis, we are in one right now. 

IEA Says The World Is Careening Toward An Energy Crisis That Could Be Worse Than The 1970s  

IEA: Current Energy Crisis Is “Much Bigger” Than 1970s Oil Crunch -- OilPrice.com 

Summer fuel shortages looming over Europe, IEA chief tells Spiegel -- Reuters 

IEA chief warns of summer fuel shortages and a triple energy crisis that will outstrip the oil shocks of the 1970s -- Insider 

US summer fuel shortages could be worse than 1970s oil crisis: IEA chief -- NYPost