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'We haven't seen anything yet,' Hodgson says of price spikes from Iran war
Fatih Birol said the Iran conflict has already cut 14 million barrels a day from global supply and will soon raise prices in Canada.
- On Tuesday, International Energy Agency head Fatih Birol warned Energy Minister Tim Hodgson in Ottawa that the global energy crisis from the war in Iran will soon push up Canadian energy prices despite the country's current relative insulation.
- Birol explained that the world has already lost 14 million barrels per day in this crisis, exceeding the combined 10 million barrels lost during the 1973 and 1979 oil crises and threatening global natural gas availability.
- Oil tankers in the Persian Gulf have for months been unable to safely pass through the Strait of Hormuz due to a U.S. blockade, and experts say Iran may soon be forced to cease production from some wells within two weeks.
- Hodgson acknowledged price impacts are coming, noting the government previously suspended excise fuel taxes to help Canadians, stating: "We've already seen-- we haven't seen anything yet-- if we don't get this situation under control."
- Industry leaders argue that governments must expedite clean energy solutions to shield populations from future supply shocks, though critics warn that expanding oil and gas exports to Asian markets during this volatility represents a miscalculation.
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24 Articles
24 Articles
Coverage Details
Total News Sources24
Leaning Left20Leaning Right1Center0Last UpdatedBias Distribution95% Left
Bias Distribution
- 95% of the sources lean Left
95% Left
L 95%
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