US EditionThe Oil Crisis Is Fast: “No One Gets Away with It”, Warns American Experts
6 Articles
6 Articles
No one escapes waste, in a few days the valley will reach us. The oil flow from the Middle East is suggested and Europe is preparing to face an energy crisis, due to the war in Iran. Already many regions around the world are...
Fossil fuels are a stumbling block that we should get rid of as quickly as possible, writes Yle's economics journalist Janne Toivonen.
The conflict in the Middle East has restricted the movement of oil and natural gas through the Strait of Hormuz, reducing global supplies by about a fifth. The disruption to trade has not only caused fuel prices to skyrocket, but also reduced supplies of petrochemicals needed to make even the most common items that few average consumers would think of.
The Iran conflict initiated by the US and Israel in recent weeks, and the related Strait of Hormuz issue, have deepened the energy crisis in Asia, signaling a new upheaval for the global economy. The Philippines declared a state of emergency. China banned the export of petroleum products. Japan implemented a system of alternating license plates for traffic (odd/even) and restricted production in some sectors. India shifted its energy use towards…
The spillover from disruptions in oil supply and transportation to petrochemicals and consumer goods is very rapid.
A month after the start of the war in Iran, the growing shortage of crude oil threatens to turn into something worse: a shortage of virtually everything. The conflict in the Middle East has damaged the flow of oil and natural gas by the Hormuz Desert, reducing the global supply of about a fifth. The interruption not only made the prices of fuel fires, but also reduced the supply of petroleum products necessary for the production of daily use ite…
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