Global Energy Crisis: Who Will Bear the Brunt This Time?
Explore the impacts of a looming inflationary shock as the world faces another cost-of-living crisis, and learn how it may affect different income and wealth groups unequally.
Global Energy Crisis: A third inflationary shock in less than a decade is on the horizon, and the question remains - who will pay the price this time around? Brutal past experience has taught us that a cost of living crisis doesn't affect us all the same, as we don't all go into it with the same income or wealth.
To understand the dynamics at play, let's take a closer look at the perspective of Daniel Yergin, perhaps the most celebrated writer on oil markets. Yergin's work has earned a Pulitzer Prize, and his advice has been sought by presidents from Bill Clinton to Donald Trump. In his book The Quest: Energy, Security and the Remaking of the Modern World, published 15 years ago, he delved into the geopolitics of the Persian Gulf region.
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Back then, before the US and Israel started their war on Iran, killing thousands of civilians, and before the Strait of Hormuz became as infamous as the Bermuda Triangle, Yergin analyzed the potential for a global energy security threat. Now, with Trump's recent announcement of a
Source: The Guardian
