#energy-crisis

#energy-crisis

The Strait of Hormuz remains effectively closed, and the impact of the global energy crisis is broadening. From Asia to Europe and beyond, the economic outlook is darkening.

The idea that this is a temporary crisis, and that the economic effects will fade away once the bombing stops, is unfortunately no longer relevant. This situation amounts to a new oil shock. And if this energy shock persists beyond a few weeks, the crisis could spread more widely throughout the economy and, in essence, take on a more systemic nature.

As fuel shortages loom, experts suggest remote work as a solution, showing how WFH can extend far beyond convenience into global necessity.

The International Energy Agency released a series of steps on Friday that would ease the burden of the global oil price spike. Recognising 45 per cent of the world's oil demand comes from road transport, the agency urged workers to stay at home where possible and consider public transport if they need to travel.

behind the recent jump are primarily the weak labour market numbers, but almost all the economic data has turned soft since the end of last year. Total nonfarm payroll employment edged down by 92,000 in February, and the unemployment rate changed little at 4.4 percent.

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.

After the country's 10 million people had been plunged into darkness overnight, the Caribbean island's national power grid had fully come back online by 6:11pm (22:11 GMT) on Tuesday. However, officials said power shortages may continue because not enough electricity is being generated.