🚨 BREAKING..
Europe has 'maybe six weeks' of jet fuel left, IEA head Birol tells AP:
Europe has "maybe six weeks or so" of jet fuel remaining, International Energy Agency Executive Director Fatih Birol said Thursday in an interview with the Associated Press, offering a grim view of "the largest energy crisis we have ever faced" stemming from the near-shutdown of oil and gas through the Strait of Hormuz.
The impact will be "higher petrol [gasoline] prices, higher gas prices, high electricity prices," and possible flight cancellations "soon," Birol told AP.
Economic pain will be felt unevenly, Birol said, naming countries such as Japan, Korea, India, China, Pakistan, Bangladesh, and "poorer countries in Asia, in Africa, and in Latin America" as being on the front line of the energy crisis... and "then it will come to Europe and the Americas."
"Soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel" in Europe if the Strait is not reopened, Birol said.
The IEA chief said he opposed the "toll booth" system that Iran has applied to some ships, and allowing such a system to become more permanent would run the risk of setting a precedent that could then be applied to other waterways, including the vital Malacca Strait in Asia.
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