#gas-price-relief

#gas-price-relief

Dale Vince stated, 'We can ban exports from the North Sea. China have done it,' emphasizing the need for prioritizing domestic consumption during fuel shortages.

"Fresh food and perishables are almost like the canary in the coal mine," when energy prices go up, according to Vidya Mani, an associate professor at the University of Virginia's Darden School of Business.

"A more decentralized energy system, with a growing share of renewables and more market players, is structurally more resilient. Countries that invested in the energy transition are weathering this crisis with less economic damage, as they boost energy security, resilience and competitiveness."

The war has effectively blocked the Strait of Hormuz, the world's most important oil route, since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.

India has not received a cargo from Tehran since May 2019, following US pressure not to buy Iranian crude. New Delhi has turned to Tehran for energy supplies as the Iran war rattles supply.

Australia's economic insulation is no longer guaranteed by geography, as geopolitical unrest in the Middle East can swiftly impact its economy through international energy markets.

Oil is a particularly tricky resource to replace. It has been for 125 years now, except for the past five or six years, when we've had this new competitive lever in electric vehicles. The global EV fleet has been growing for years, gradually chipping away at the world's oil consumption as drivers turn to charging ports instead of gas stations.

It may be too late for Trump to negotiate from a position of strength with Iran. The conflict has raised the risk of a worldwide recession.