S&P vice chair: Five conflicts could worsen energy crisis

The world’s current energy mess might end up being far worse than the oil crisis of the 1970s, writes analyst and author Daniel Yergin, indicating Russia, Saudi Arabia, Iran, China, and refineries as potential jokers that could exacerbate the world’s predicament.

Photo: Henry Romero/Reuters/Ritzau Scanpix/REUTERS / X90174

Many observers of late are comparing the world’s ongoing energy upheaval with the oil crisis of the 1970s, which entailed a range of problems such as extensive fuel shortages, rationing, and towering energy prices.

Even though present effects have arguably not yet become so dire, clear comparisons notwithstanding, today’s problems can very well end up becoming far worse still.

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