{"id":62104,"date":"2022-03-04T08:19:32","date_gmt":"2022-03-04T13:19:32","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62104"},"modified":"2022-03-04T08:20:02","modified_gmt":"2022-03-04T13:20:02","slug":"the-world-could-be-on-the-brink-of-an-energy-crisis-rivaling-the-1970s-says-ihs-markits-yergin","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62104","title":{"rendered":"The world could be on the brink of an energy crisis rivaling the 1970s, says IHS Markit\u2019s Yergin"},"content":{"rendered":"<div class=\"PageBuilder-containerWidth100 PageBuilder-pageRow\">\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<div id=\"RegularArticle-ArticleHeader-2\" data-test=\"articleHeader-0\" data-analytics=\"RegularArticle-articleHeader-2-0\">\n<header id=\"main-article-header\" class=\"ArticleHeader-articleHeader\">\n<div class=\"ArticleHeader-headerContentContainer\">\n<div class=\"ArticleHeader-wrapperHeroNoImage ArticleHeader-wrapperHero ArticleHeader-wrapper ArticleHeader-wrapperNoImage\">\n<div>\n<h3 class=\"ArticleHeader-headline\"><a href=\"https:\/\/www.cnbc.com\/2022\/03\/03\/the-world-could-be-on-the-brink-of-an-energy-crisis-rivaling-the-1970s-says-ihs-markets-yergin.html?fbclid=IwAR2nKuopgoBFSH93LIwY96hwa7ZbtlU8Ia4-Cf3UmIqQsvIjO7gtGS5qnkk\">The world could be on the brink of an energy crisis rivaling the 1970s, says IHS Markit\u2019s Yergin<\/a><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"PageBuilder-containerFluidWidths PageBuilder-pageRow\">\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<div id=\"RegularArticle-KeyPoints-4\" class=\"RenderKeyPoints-keyPoints\" data-test=\"keyPoints-1\" data-analytics=\"RegularArticle-keyPoints-4-1\">\n<div class=\"RenderKeyPoints-wrapper\">\n<div class=\"RenderKeyPoints-list\">\n<div>\n<div class=\"group\">\n<ul>\n<li>Russia\u2019s Ukraine invasion could have set in motion an energy market disruption on the scale of major oil crises in the 1970s, according to Daniel Yergin, vice chairman of IHS Markit.<\/li>\n<li>Sanctions by the U.S. and allies on Russia\u2019s financial system have disrupted sales of Russian oil, with banks and buyers wary of running afoul of the punitive measures.<\/li>\n<li>\u201cThis could be the worst crisis since the Arab oil embargo and the Iranian revolution in the 1970s,\u201d said Yergin.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"RegularArticle-ArticleBody-5\" class=\"ArticleBody-articleBody\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\">\n<div id=\"ArticleBody-InlineImage-107021308\" class=\"InlineImage-imageEmbed\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div class=\"InlineImage-imagePlaceholder\">\n<div class=\"\">\n<div class=\"InlineImage-imageContainer\" tabindex=\"-1\" data-test=\"InlineImage-pictureContainer\"><picture data-test=\"Picture\"><source srcset=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107021308-1645837269547-gettyimages-1238761390-US_GAS_PRICES.jpeg?v=1645837321&amp;w=740&amp;h=416\" media=\"(min-width: 1340px)\" \/><source srcset=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107021308-1645837269547-gettyimages-1238761390-US_GAS_PRICES.jpeg?v=1645837321&amp;w=630&amp;h=354\" media=\"(min-width: 1020px)\" \/><source srcset=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107021308-1645837269547-gettyimages-1238761390-US_GAS_PRICES.jpeg?v=1645837321&amp;w=929&amp;h=523\" media=\"(min-width: 760px)\" \/><source srcset=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107021308-1645837269547-gettyimages-1238761390-US_GAS_PRICES.jpeg?v=1645837321&amp;w=717&amp;h=403\" media=\"(min-width: 0px)\" \/><img decoding=\"async\" class=\"\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107021308-1645837269547-gettyimages-1238761390-US_GAS_PRICES.jpeg?v=1645837321&amp;w=929&amp;h=523\" alt=\"A driver holds a fuel nozzle at a Shell gas station in San Francisco, California, U.S., on Friday, Feb. 25, 2022.\" \/><\/picture><\/div>\n<\/div>\n<\/div>\n<div>\n<div class=\"InlineImage-imageEmbedCaption\">A driver holds a fuel nozzle at a Shell gas station in San Francisco, California, U.S., on Friday, Feb. 25, 2022.<\/div>\n<div class=\"InlineImage-imageEmbedCredit\">David Paul Morris | Bloomberg | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><a href=\"https:\/\/www.cnbc.com\/2022\/03\/03\/russia-ukraine-live-updates.html\">Russia\u2019s Ukraine invasion<\/a>\u00a0could have set in motion an energy market disruption on the scale of major oil crises in the 1970s, according to Daniel Yergin, vice chairman of IHS Markit.<\/p>\n<p>Moscow is one of the world\u2019s largest oil exporters. Sanctions by the U.S. and allies on Russia\u2019s financial system have already set in motion a backlash against Russian crude from banks, buyers and shippers.<\/p>\n<div class=\"BoxInline-container \">\n<div id=\"BoxInline-ArticleBody-5\" class=\"BoxInline-container\" data-module=\"mps-slot\"><\/div>\n<\/div>\n<p>Yergin, also an author and energy market historian, said even though Russian energy was not sanctioned by the U.S. and other countries, there could be a large loss of Russian barrels from the market. The country exports about 7.5 million barrels a day of oil and refined products, he noted.<\/p>\n<p>\u201cThis is going to be a really big disruption in terms of logistics, and people are going to be scrambling for barrels,\u201d Yergin said. \u201cThis is a supply crisis. It\u2019s a logistics crisis. It\u2019s a payment crisis, and this could well be on the scale of the 1970s.\u201d<\/p>\n<p>He said strong communications between governments imposing the sanctions and the industry could head off a worst-case scenario. \u201cGovernments need to provide clarity,\u201d Yergin said.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The world could be on the brink of an energy crisis rivaling the 1970s, says IHS Markit\u2019s Yergin Russia\u2019s Ukraine invasion could have set in motion an energy market disruption on the scale of major oil crises in the 1970s, according to Daniel Yergin, vice chairman of IHS Markit. Sanctions by the U.S. and allies [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[964,1646,265,32734,694,821,827],"class_list":["post-62104","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-cnbc","tag-daniel-yergin","tag-energy-crisis","tag-patti-domm","tag-russia","tag-ukraine","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62104"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62104\/revisions"}],"predecessor-version":[{"id":62106,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62104\/revisions\/62106"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}