Energy Crisis Threatens to Eclipse 1970s Shocks, Yergin Says
(Bloomberg) -- The unfolding global energy crisis poses higher risks than the oil shocks of the 1970s, according to energy historian Daniel Yergin.
“I think this is potentially worse” than the 1970s, Yergin said during a Bloomberg TV interview. “It involves oil, natural gas and coal, and it involves two countries that happen to be nuclear superpowers.”
The gravest exigency involves natural gas because supplies already were stretched long before Russia's invasion of Ukraine. Shunning Russian gas poses a serious problem because there's no ready replacement for those shipments despite U.S. efforts to boost exports of liquefied shale gas, Yergin said.
Gas scarcity not only raises heating costs for homeowners in cold climate but may force entire industries to curtail or completely shut down production facilities that run on the fuel, he noted.
©2022 Bloomberg L.P.
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