{"id":62789,"date":"2022-06-01T05:58:54","date_gmt":"2022-06-01T10:58:54","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62789"},"modified":"2022-06-01T05:58:54","modified_gmt":"2022-06-01T10:58:54","slug":"iea-current-energy-crisis-is-much-bigger-than-1970s-oil-crunch","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62789","title":{"rendered":"IEA: Current Energy Crisis Is \u201cMuch Bigger\u201d Than 1970s Oil Crunch"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/IEA-Current-Energy-Crisis-Is-Much-Bigger-Than-1970s-Oil-Crunch.html\">IEA: Current Energy Crisis Is \u201cMuch Bigger\u201d Than 1970s Oil Crunch<\/a><\/h3>\n<div id=\"key_points\" class=\"wysiwyg clear\">\n<ul>\n<li>IEA Chief Birol: The world faces a \u201cmuch bigger\u201d energy crisis than the one of the 1970s.<\/li>\n<li>Back in the 1970s, the crisis was just about oil.<\/li>\n<li>Birol: The world, especially Europe, could face a summer of shortages of gasoline, fuel, and jet fuel.<\/li>\n<\/ul>\n<\/div>\n<div class=\"articleImageContainer\"><picture class=\"lozad-picture singleArticle__articleImage\" data-iesrc=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-05-31_8t6liqcuh9.jpg\" data-loaded=\"true\"><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2022-05-31_8t6liqcuh9.jpg\" media=\"(max-width: 480px)\" \/><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-05-31_8t6liqcuh9.jpg\" media=\"(min-width: 480px)\" \/><img \/><\/picture><\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>The world faces a \u201cmuch bigger\u201d energy crisis than the one of the 1970s, the Executive Director of the International Energy Agency (IEA), Fatih Birol, told German daily\u00a0<a href=\"https:\/\/www.spiegel.de\/wirtschaft\/benzin-diesel-und-kerosin-iea-chef-fatih-birol-warnt-vor-sprit-engpass-im-sommer-a-4a532976-fb1a-444d-97ab-888ff39eede8\" target=\"_blank\" rel=\"noopener\">Der Spiegel<\/a>\u00a0in an interview published on Tuesday.<\/p>\n<p>\u201cBack then it was just about oil,\u201d Birol\u00a0<a href=\"https:\/\/www.reuters.com\/article\/ukraine-crisis-energy-idAFS8N2W3068\" target=\"_blank\" rel=\"noopener\">told<\/a>\u00a0the news outlet. \u201cNow we have an oil crisis, a gas crisis and an electricity crisis simultaneously,\u201d said the head of the international agency created after the 1970s shock of the Arab oil embargo.<\/p>\n<p>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.<\/p>\n<p>The EU agreed late on Monday to ban most of the imports of Russian oil, leaving pipeline supply exempted from the embargo, for now. This will further tighten already tight crude and product markets.<\/p>\n<p>The world, especially Europe, could face a summer of shortages of gasoline, fuel, and jet fuel, the IEA\u2019s Birol told Der Spiegel.<\/p>\n<p>Fuel demand is set to rise as the main holiday season in Europe and the United States begins, Birol added.<\/p>\n<p>Upended crude oil flows add to reduced global refinery capacity resulting in low inventories of products, including in the United States.<\/p>\n<p>Refinery capacity for supply, globally and in the U.S, that is now\u00a0<a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/High-Gasoline-And-Diesel-Prices-Are-Here-To-Stay.html\">a few million barrels per day lower<\/a>\u00a0than it was before the pandemic.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>IEA: Current Energy Crisis Is \u201cMuch Bigger\u201d Than 1970s Oil Crunch IEA Chief Birol: The world faces a \u201cmuch bigger\u201d 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. [&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":[2,3,5],"tags":[12294,265,21423,279,284,12300,416,433,862],"class_list":["post-62789","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-charles-kennedy","tag-energy-crisis","tag-energy-shortages","tag-eu","tag-european-union","tag-fatih-birol","tag-iea","tag-international-energy-agency","tag-war"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62789","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=62789"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62789\/revisions"}],"predecessor-version":[{"id":62790,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62789\/revisions\/62790"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}