{"id":62801,"date":"2022-06-01T07:18:55","date_gmt":"2022-06-01T12:18:55","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62801"},"modified":"2022-06-01T07:18:55","modified_gmt":"2022-06-01T12:18:55","slug":"iea-chief-warns-of-summer-fuel-shortages-and-a-triple-energy-crisis-that-will-outstrip-the-oil-shocks-of-the-1970s","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62801","title":{"rendered":"IEA chief warns of summer fuel shortages and a triple energy crisis that will outstrip the oil shocks of the 1970s"},"content":{"rendered":"<section class=\"post-headline-wrapper\n           default-headline\"><\/p>\n<h3 class=\"post-headline  \"><a href=\"https:\/\/markets.businessinsider.com\/news\/commodities\/fuel-shortages-summer-energy-crisis-oil-gas-price-shocks-iea-2022-5\">IEA chief warns of summer fuel shortages and a triple energy crisis that will outstrip the oil shocks of the 1970s<\/a><\/h3>\n<\/section>\n<section id=\"l-content\" class=\" is-right-rail   with-rail-video-ad\" data-track-page-area=\"Post\" data-post-content=\"\">\n<section class=\"row\">\n<div class=\"col-12\">\n<article>\n<figure class=\"figure image-figure-image  \" data-type=\"img\" data-e2e-name=\"image-figure-image\" data-media-container=\"image\">\n<div class=\"aspect-ratio\"><img decoding=\"async\" src=\"https:\/\/i.insider.com\/5a7a159c136ec529008b486c?width=700\" sizes=\"(min-width: 1280px) 900px\" srcset=\"https:\/\/i.insider.com\/5a7a159c136ec529008b486c?width=400&amp;format=jpeg&amp;auto=webp 400w, https:\/\/i.insider.com\/5a7a159c136ec529008b486c?width=500&amp;format=jpeg&amp;auto=webp 500w, https:\/\/i.insider.com\/5a7a159c136ec529008b486c?width=700&amp;format=jpeg&amp;auto=webp 700w, https:\/\/i.insider.com\/5a7a159c136ec529008b486c?width=1000&amp;format=jpeg&amp;auto=webp 1000w, https:\/\/i.insider.com\/5a7a159c136ec529008b486c?width=1300&amp;format=jpeg&amp;auto=webp 1300w, https:\/\/i.insider.com\/5a7a159c136ec529008b486c?width=2000&amp;format=jpeg&amp;auto=webp 2000w\" alt=\"gas station\" \/><\/div><figcaption class=\"image-caption headline-bold\" data-e2e-name=\"image-caption\">International Energy Agency chief Fatih Birol has warned of a triple energy crisis that could be &#8220;much bigger&#8221; and longer lasting than the 1970s.\u00a0<\/figcaption><span class=\"image-source-caption \"><span class=\"image-source headline-regular\" data-e2e-name=\"image-source\">Getty<\/span><\/span><\/figure>\n<div>\n<section class=\"post-content typography   \" data-track-content=\"\" data-post-type=\"post\">\n<div id=\"piano-inline-content-wrapper\" data-piano-inline-content-wrapper=\"\">\n<div data-component-type=\"content-lock\" data-load-strategy=\"exclude\">\n<div class=\"content-lock-content\">\n<ul class=\"summary-list\">\n<li>The US and Europe face fuel shortages as summer vacations get underway, the head of the IEA told Der Spiegel.<\/li>\n<li>Fatih Birol warned of potential diesel, petrol, and kerosene shortages, and said the current energy crisis was worse than the 1970s.<\/li>\n<li>&#8220;We have an oil crisis, a gas crisis and an electricity crisis simultaneously,&#8221; he said.<\/li>\n<\/ul>\n<div id=\"formContainer\" class=\"inline-newsletter-signup headline-regular\" data-component-type=\"inline-newsletter-module\" data-event-label=\"10_things_markets\" data-list=\"10 Things Before the Opening Bell\" data-acq-source=\"marketsverticalinline\">\n<section class=\"sub-header-container\"><\/section>\n<section class=\"inline-newsletter-content\">\n<form id=\"emailCapture\" action=\"javascript:void(0);\" method=\"POST\" novalidate=\"\">\n<div class=\"desktop-error-msg error-msg headline-regular\"><\/div>\n<div id=\"nlTos\" class=\"sign-up-tos headline-regular\">By clicking \u2018Sign up\u2019, you agree to receive marketing emails from Insider as well as other partner offers and accept our\u00a0<a href=\"https:\/\/www.businessinsider.com\/terms\" target=\"_blank\" rel=\"noopener\" data-analytics-post-depth=\"40\">Terms of Service<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.businessinsider.com\/privacy-policy\" target=\"_blank\" rel=\"noopener\" data-analytics-post-depth=\"40\">Privacy Policy<\/a>.<\/div>\n<\/form>\n<\/section>\n<\/div>\n<p>The US could see fuel shortages this summer once people start taking their vacations \u2014 and Europe could take a particular hit from the lack of supply, the head of the International Energy Agency has warned.<\/p>\n<p>&#8220;When the main holiday season starts in Europe and the US, fuel demand will rise,&#8221; Fatih Birol told\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\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">Der Spiegel<\/a>. &#8220;Then we could see shortages \u2014 for example, in diesel, petrol or kerosene, particularly in Europe.&#8221;<\/p>\n<p>Birol also told the German newspaper that the energy crisis now underway will be more severe and longer-lasting than the oil price shocks of the 1970s, given it&#8217;s applying pressure on three fronts.<\/p>\n<p>&#8220;Back then it was just about oil,&#8221; he said in the interview published Tuesday. &#8220;Now we have an oil crisis, a gas crisis and an electricity crisis simultaneously.&#8221;<\/p>\n<p>Oil prices spiked in 1973 and 1979 as the Yom Kippur War and the Iranian Revolution interrupted Middle Eastern crude exports. Geopolitical events have hit the market again in 2022, as\u00a0<a href=\"https:\/\/markets.businessinsider.com\/news\/commodities\/russia-oil-power-long-term-production-decline-eu-embargo-ukraine-2022-5?utm_medium=ingest&amp;utm_source=markets\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"80\">western nations impose sanctions on Russia over its invasion of Ukraine<\/a>.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"post-content-more\">\n<section class=\"content-recommendations-component inline\" data-component-type=\"content-recommendations\" data-delay-third-party-scripts=\"true\" data-provider=\"dad\" data-premium-state=\"\" data-renderer=\"inline\" data-container-name=\"content-recommendations-inline\" data-recommendations-placement=\"\" data-root-margin=\"250px 0px\" data-ga-tracking-enabled=\"true\" data-ga-tracking-event-action-prefix=\"related_in-post_single_article\" data-ga-tracking-event-action-template=\"\" data-ga-tracking-event-category=\"membership_endstory_reco_modules\" data-ga-tracking-click-label=\"\" data-ga-tracking-load-label=\"\">\n<div class=\"content-recommendations-title-container\"><\/div>\n<\/section>\n<\/section>\n<\/article>\n<\/div>\n<\/section>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>IEA chief warns of summer fuel shortages and a triple energy crisis that will outstrip the oil shocks of the 1970s International Energy Agency chief Fatih Birol has warned of a triple energy crisis that could be &#8220;much bigger&#8221; and longer lasting than the 1970s.\u00a0Getty The US and Europe face fuel shortages as summer vacations [&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],"tags":[9218,265,32930,15792,416,433,2480,13351,4053],"class_list":["post-62801","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-business-insider","tag-energy-crisis","tag-fatih-barol","tag-fuel-shortages","tag-iea","tag-international-energy-agency","tag-oil-shock","tag-price-inflation","tag-shortages"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62801","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=62801"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62801\/revisions"}],"predecessor-version":[{"id":62802,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62801\/revisions\/62802"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}