“Europe may have, perhaps, fuel for airplanes for another six weeks,” warned on Thursday Fatih Birol, the head of the International Energy Agency (IEA), in an interview for Associated Press.
He evoked flight cancellations “soon”, if the oil supply remains blocked by the war in Iran.
The Executive Director of the IEA has labeled the situation as “the biggest energy crisis we have ever faced,” and added a grim picture of the global consequences following the blockade of oil, gas, and other vital resources through the Strait of Hormuz.
\”In the past, there was a rock group called ‘Dire Straits’ (literally ‘terrible straits’, figuratively meaning ‘difficult situation’). Now it is a dire situation and it will have major implications for the global economy. And, the longer it lasts, the worse it will be for economic growth and inflation around the world,\” he said.
There will be higher prices for gasoline, higher prices for gas, high prices for electricity, Birol exemplified, adding that some parts of the world will be more affected than others.
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