How does today's energy crisis compare with past shocks?
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The current global energy crisis is described as the worst ever by senior ministers, but experts say its severity depends on how it's measured. The crisis is driven by conflict in the Middle East, disrupting energy supply and key shipping routes.
Senior Irish ministers have called the current energy crisis the worst the world has ever seen, echoing the International Energy Agency's Executive Director. The crisis is driven by escalating conflict in the Middle East, disrupting energy infrastructure and key shipping routes like the Strait of Hormuz. This has put pressure on global supply, with the IEA describing the situation as exceptional in scale. The disruption amounts to 'two oil crises and one gas crisis' occurring simultaneously. Experts say the current crisis is unprecedented in terms of supply disruption, with 20 million barrels per day affected, compared to 4.5 million during the 1970s oil crisis. However, the severity of the crisis depends on various factors, including price shocks and economic impact, which may emerge over time.
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