‘Beyond what we could imagine’: Europe’s coming energy crunch
BRUSSELS — With the war in Iran threatening to choke off energy flows for the foreseeable future, Europe is facing a supply shock that promises to cripple manufacturing, ground airlines, hike up the price of food, spike borrowing costs and send inflation spiraling back to crisis levels.
And even if the war were to end today, it would take a year before the economy was back on track, IEA boss Birol told the same meeting of finance ministers. The longer the conflict continues, the worse it'll get.
It's not ending 2day or 2moro. Far as semi "normal" traffic thru the Straight with 150 tankers/day transiting? BEST CASE scenario on that would be MAYBE 3 months. First the Iranians would have to give up their Toll Booth idea, 2nd some sort of convoy system needs to be organized, 3rd insurance companies have to offer insurance, finally they have to test it a few ships at a time gradually ramping up. 1 ship gets hit, back to square 1.
So what's the over under for the global economy in 6 months?
Short the Phone Book.
RE