"The conflict continues to choke transit through the Strait of Hormuz, cutting off roughly 20 per cent of the world's oil and natural gas supply from international buyers."
"In Canada, the pain at the pumps and the expected rise in inflation is a financial challenge for many as the cost of living continues to climb."
"We're insulated, no question, from what's happening around the world in that we're unlikely to run out of oil, said Warren Mabee, director of the Institute for Energy and Environmental Policy at Queen's University in Kingston, Ont."
"Dozens of countries have introduced policies this month to ration electricity, conserve fuel and hoard fertilizer."
Gasoline prices in Canada are approaching $2 per litre, while diesel nears $2.50, amid a global energy crisis exacerbated by the Iran war. The conflict disrupts oil and gas supply through the Strait of Hormuz, affecting 20% of global resources. Many countries are implementing measures to conserve fuel, with the Philippines declaring a national energy emergency. Despite rising costs and inflation, Canada is relatively insulated from the crisis due to its energy production capabilities, which provide some protection against shortages and extreme price hikes.
Read at www.cbc.ca
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