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IEA chief: US summer fuel shortages could be worse than 1970s oil crisis


The United States and Europe could experience fuel shortages this summer that could be worse than the 1970s oil crisis as demand ramps up for travel season, the head of the International Energy Agency warned.

“When the main holiday season starts in Europe and the US, fuel demand will rise,” Fatih Birol told Der Spiegel.

“Then we could see shortages — for example, in diesel, petrol or kerosene, particularly in Europe.”

Birol said the current energy crisis could be worse and longer-lasting than the shocks of the 1970s.

“Back then it was just about oil,” he said. “Now we have an oil crisis, a gas crisis and an electricity crisis simultaneously.”

Oil prices spiked sharply as a result of the outbreak of the Yom Kippur War in 1973 as well as the Islamic Revolution in