The Iran war set off the “most severe oil supply shock in history,” the International Energy Agency (IEA) said in a new report on Tuesday, warning that high prices would slash demand for crude, the primary lifeblood of the global economy.
In March, oil prices notched their largest one-month gain ever, the IEA said.
The IEA – a Paris-based group made up of 32 member nations, including the U.S. – warned of a widespread bout of “demand destruction" in the report. Under such a scenario, high prices would make oil unaffordable for many buyers, forcing them to find alternatives or forgo energy use altogether.
It’s hurting local businesses more than regular people right now. Cabs and such need an extra $10-20 to fill up. Which is fine in the short run, cuz it’ll go back down right?
cab companies in my city have a thing for raising fares moving forward. Was just on the local news.