US faces biggest energy crisis in half a century
The energy crisis the US is facing now may be the worst in 50 years. This was voiced by none other than the head of the US Oil and Gas Association, Tim Stewart.
Published: May 18, 2022, 11:23 am
“We are experiencing the greatest, possibly the worst, energy crisis in the last 50 years. Gasoline and diesel prices are at record highs and inventories are at record lows,” Stewart told Fox News. At the same time, he stressed that the current US authorities have not only failed to take the necessary action, but also interfere with those who want to resolve the energy crisis.
“What did the [Biden] administration do this week? What was their major energy announcement? It was to pull millions of acres of federal leases off the table and potentially trap billions of barrels into the ground. It’s really frustrating. I mean, this administration has no strategy to help us get out of it. And frankly, all the actions that they take are counterproductive to those of us who are trying to solve this problem,” he said.
Gasoline prices in the US have been rising steadily, including this week. The increase in fuel prices comes against the backdrop of rising world oil prices, despite the attempts of the White House to counter this trend. On Saturday, according to the non-profit American Automobile Association, the cost of gasoline again exceeded the historical maximum and reached 4,452 dollars per gallon (3,785 liters). A year ago, this figure was at the level of 3 dollars per gallon.
The crisis in the United States is only part of the global picture
Meanwhile, the crisis in the US is only part of the global energy crisis. This opinion was expressed by IEA chief Fatih Birol: “I believe we are in the middle of the first global energy crisis. In the 70s we saw the oil crisis, which had big consequences for the economy and inflation. But it was only oil. Let’s remember that Russia is the world’s number one oil exporter and the world’s number one natural gas exporter, as well as a major player in the materials used by the energy sector.”
“Therefore, the sanctions that have been imposed on Russia or political decisions from the Kremlin have and will have great consequences for the energy market,” said the Executive Director of the International Energy Agency. It would be too optimistic to believe that the current volatility in the energy market would soon pass, he said, and the world returning to times of low prices and stable market conditions.
“This has led us to work with many governments to try to support them on how they can reduce their dependence on Russia and minimize the impact on their economies and residents,” Birol explained. The head of the IEA also warned that “the next few years will not be easy.”
But he added that the “extraordinary financial windfall for the oil and gas sector from today’s high prices could provide a major boost to clean energy investment”.
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