The oil price spiked near $120 after strikes on Iran's energy sites and the shutdown of the Strait of Hormuz. With tankers stuck and Gulf oil facilities hit, producers are running short on storage to maintain production.
Wael Sawan, chief executive of Shell warned that Europe risks fuel shortages as soon as next month as the fallout from the Middle East crisis deepens. Though we have been told by mainstream media that only 4% of the oil that passes through the Strait of Hormuz is heading for Europe nobody believes anything the print and broadcast news services say. The global oil and gas supply squeeze had already forced parts of Asia to cut energy consumption and that the “ripple effect” threatens to spread west within days.
Mr Sawan added that the closure of the key shipping lane this meant European governments may need to curb energy demand – a step not taken since the 2022 energy crisis – to prevent shortages.
Around one fifth of the world’s oil and liquefied natural gas (LNG) supplies are trapped in the Gulf following Iran’s closure of the Strait of Hormuz.
As the war in Iran enters its fourth week, even die-hard net zero champions are beginning to rethink the UK’s approach to its North Sea resources. Everyone, it seems – amongst them trade unionists, environmentalists and even Labour’s own backbenchers – is urging a more pragmatic approach. Everyone, that is, apart from Energy Secretary Ed Miliband.
He insists that, despite events, including an actual war bringing fresh turbulence to global energy markets, Labour’s pledge not to expand domestic oil and gas production must be upheld. Instead, Miliband argues that the crisis underlines the need to “get off gas”.
Miliband is an elitist green zealot of course, his hatred of cars, oil and industry in general blinds him to the reality that oil is vital to so much more than transport and industry. Thus our foolish government and other 'woke' idiocracies in Europe have hamstrung themselves even though UK has plenty of oil under the surrounding seas andRussia would be happy to supply the rest of Europe if only the virtue signallers woulfd get their heads out of their woke arses.
FROM THE ARCHIVE
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Will Egypt Seize Libya For Its Oil
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