The US could see fuel shortages this summer once people start taking their vacations — and Europe could take a particular hit from the lack of supply, the head of the International Energy Agency Faith Birol has warned.
Birol also told the German newspaper that the energy crisis now underway will be more severe.
"Back then it was just about oil," "Now we have an oil crisis, a gas crisis and an electricity crisis simultaneously."
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 western nations impose sanctions on Russia over its invasion of Ukraine.
The Western Countries, US in particular, are searching for sources of energy from anywhere in the world. Forget about Biden's promise " No Drilling, Period"
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