Russia’s invasion of Ukraine has roiled energy markets, with long-term implications for global oil and gas supplies, and the head of the International Energy Agency (IEA) has cautioned that the current energy crisis is “much bigger” and could persist longer than the oil shocks of the 1970s.
In the 1970s, there were two significant oil shocks that caused inflation to spiral out of control in the United States.
“Back then, it was just about oil,” IEA Executive Director Fatih Birol said in an interview with German daily Der Spiegel. “Now, we have an oil crisis, a gas crisis, and an electricity crisis simultaneously.”…