(Bloomberg) — The unfolding global energy crisis poses greater risks than the oil shocks of the 1970s, according to energy historian Daniel Yergin.
“I think this is potentially worse” than the 1970s, Yergin said during an interview with Bloomberg TV. “It involves oil, natural gas and coal, and it involves two countries that happen to be nuclear superpowers.”
The serious problem involves natural gas because supplies were already at the limit long before the Russian invasion of Ukraine. Avoiding Russian gas poses a serious problem because there is no ready replacement for such shipments despite US efforts to boost exports of liquefied shale gas, Yergin said.
Not only does gas shortages increase heating costs for homeowners in cold climates, it can force entire industries to reduce production or shut down fuel-powered facilities altogether, he said.
Original Note:
Energy Crisis Threatens to Eclipse 1970s Shocks, Yergin Says
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