The energy thermostat

The IEA advised member countries to reduce highway speeds and encourage working from home in response to the Middle East energy crisis — echoes of the 1970s playbook. Oil's 10% drop on the five-day pause announcement was called a "massive tax cut for the global economy." The war's disruption to the Strait of Hormuz (20% of global oil and gas) is being described as the largest supply disruption since 1973. Inflation forecasts raised, growth forecasts lowered across the board. *The collective proc ...