Energy experts are sounding the alarm: the risk of a global energy crisis is higher than the oil shock of the 1970s

2022-07-10 0 By

Daniel Yergin, an energy scientist, said the risks of the current unfolding global energy crisis are higher than the oil shocks of the 1970s, zhitong financial APP has learned.”I think it’s probably worse than the 1970s,” Yergin said in an interview with Bloomberg TELEVISION.”We have an energy crisis that involves oil, gas and coal, and in this crisis it happens to be the two nuclear-armed powers of the planet that determine the outcome of events.”The most pressing resource remains natural gas, which was already tight even before the conflict between Russia and Ukraine intensified.Yergin believes the refusal to import Russian gas could cause serious problems.That’s largely because no matter how much the U.S. tries to boost LNG exports, there are no ready alternatives to replace the gas.He noted that a shortage of natural gas would not only increase heating costs for households in colder climates, but could also force entire industries to cut production or shut down gas-fueled production facilities altogether.