""The depth of the problem was not well appreciated by the decision makers around the world. If you want to put in a context, this crisis as it stands now: two oil crises and one gas crisis put all together.""
""Even as President Donald Trump said early Monday the U.S. was in talks with Iran—and would therefore withhold from striking critical energy sources for the next five days—Brent crude last week soared north of $110 per barrel.""
""Economists expect the oil shock to reverberate across the U.S. economy, potentially jacking up food prices, jeopardizing the possibility of a Fed rate cut this year, and even threatening to halt the entire economy if oil prices rise to $140 a barrel.""
The oil crises of the 1970s led to significant policy changes, including HOV lanes and a national speed limit. Current energy challenges, exacerbated by the Iran war and the Ukraine conflict, are prompting concerns from experts. The International Energy Agency released 400 million barrels of oil to address rising prices. IEA executive director Fatih Birol warned that the current crisis is underestimated, combining the severity of past oil and gas crises. High oil prices could impact the U.S. economy, affecting food prices and monetary policy.
Read at Fortune
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