by Michael Snyder,The Economic Collapse Blog:
A lot of people out there seem to think that the crisis in the Strait of Hormuz is not that big of a deal, and that is because we aren’t feeling the consequences yet. By the end of this month, the last oil tankers that left the Persian Gulf before the war with Iran began will have arrived at their destinations. And right now nations all over the globe are running through their strategic energy reserves. Some nations have months of oil left, and some nations only have weeks of oil left. As those reserves start to run dry, we are going to witness a supply crunch that is absolutely unprecedented.
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If you don’t believe me, perhaps you will believe the head of the International Energy Agency.
He is warning that we are“facing the biggest energy security threat in history”…
“We are facing the biggest energy security threat in history,” Fatih Birol, the head of the International Energy Agency, or IEA, told CNBC on Thursday.
“As of today, we’ve lost 13 million barrels per day of oil … and there are major disruptions in vital commodities,” he told Steve Sedgwick virtually at CNBC’s CONVERGE LIVE in Singapore.
Birol has previously warned that the Iran war and ongoing closure of the Strait of Hormuz would result in “the largest energy crisis we have ever faced” and urged governments to bolster their resilience with alternative energy sources.
For now, we are only witnessing limited rationing and limited shortages around the world because everyone is running through their strategic reserves.
And so it feels like we are going to come through this okay.
Source: SGT Report
