Europe Has 'maybe 6 Weeks Of Jet Fuel Left': Energy Agency Head

Europe has “maybe 6 weeks or so (of) jet fuel left,” the head of the International Energy Agency (IEA) said on Thursday in a wide-ranging Associated Press interview, warning of possible flight cancellations “soon” if oil supplies remain blocked by the Iran war. IEA Executive Director, Fatih Birol, painted a sobering picture of the global repercussions of what he called “the largest energy crisis we have ever faced in history,” stemming from the pinch-off of oil, gas and other vital supplies through the Strait of Hormuz. The impact will be “higher petrol (gasoline) prices, higher gas prices, high electricity prices,” Birol told AP. Economic pain will be felt unevenly, with some countries “hit worse than the others,” he said, naming Japan, Korea, India, China, Pakistan and Bangladesh as being on the front line of the energy crisis.