Europe could run out of jet fuel in six weeks, IEA chief tells AP
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The news: Europe has around six weeks of jet fuel left, the head of the International Energy Agency told the Associated Press on Thursday.
The context: IEA executive director Fatih Birol told the masthead that with “maybe 6 weeks or so [of] jet fuel left”, Europe faces the possibility of flight cancellations “soon” if oil supplies remain disrupted by the war in Iran.
He said the ongoing conflict, causing a chokehold on vital energy supplies through the Strait of Hormuz, is causing the largest energy crisis the world has ever faced.
“In the past there was a group called ‘Dire Straits.’ It’s a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world,” he said.
The impact will be “higher petrol (gasoline) prices, higher gas prices, high electricity prices,” Birol told AP.
Birol said that the economic impact will be felt unevenly, with countries including Japan, Korea, India, China, Pakistan and Bangladesh and developing nations being the first to be affected, “then it will come to Europe and the Americas.”
The source: Associated Press
