The war in Iran has sent nations scrambling to plug their energy supply gaps — and that may not ultimately benefit the United States.
The fragile cease fire negotiated this week has so far failed to reopen the critical Strait of Hormuz, extending the energy crisis for many nations that are now considering a range of options to shrink their reliance on foreign deliveries that can be easily disrupted. That’s led some European and Asian countries to lean more on coal and renewables — and to reconsider retirements of aging nuclear plants.
Experts say while oil and gas suppliers like the United States are reaping the benefits of higher prices now, the world could see the type of strategic shifts that took place after the Middle East oil shocks of the 1970s that prompted major economies to rethink how they power their economies.
“Even in a best case, there will be no neat and clean return to the status quo ante,” International Monetary Fund Managing Director Kristalina Georgieva said Thursday in a speech at the group’s headquarters.
