It's time to end the world's delusions over the Iran energy crisis

[mahatmakanejeeves]

It's too late to prevent the damage; "an energy crisis for the world economy is locked in."

Commentary Energy
It's time to end the world's delusions over the Iran energy crisis

Clyde Russell
Asia Commodities and Energy Columnist
April 7, 2026 1:44 AM EDT • Updated 1 hour ago

LAUNCESTON, Australia, April 7 - The U.S. and Israeli war against Iran has been characterised by a series of miscalculations by most of the involved and peripheral parties, but the real danger is the delusion over the scale of the resulting energy crisis.

It is delusional of any nation to think that it, or any other country, can emerge as a "winner" from the conflict, now into its sixth week. ... The reality is that ​even with a ceasefire and the resumption of vessel flows through the Strait of Hormuz in the next few weeks, an energy crisis for the world economy is locked in. ... What is required to avoid ‌making a bad situation worse is clear thinking on the part of governments, corporations and consumers.

The first delusion is thinking that the re-opening of the Strait of Hormuz will solve the current problems with the supply of crude oil, refined products and liquefied natural gas. ... The second delusion is thinking that U.S. President Donald Trump and his administration are acting rationally, taking considered decisions and are fully attuned to the economic damage being inflicted on erstwhile allies in the Gulf, Europe and Asia.

{snip}

[Trump's] threats to ​rain "hell" on Iran came after he appeared at the weekend alongside a person in an Easter Bunny costume at the White House, where he veered between talking about egg supply to threatening to destroy Iran's bridges and power plants. ... If there is an ​image that encapsulates the lunacy of the current situation, it's the president of the United States standing next to a mythical children's character related to a religious celebration of eternal salvation while threatening to destroy another country.

{snip}

Wed April 1, 2026: Remember the Oil Shocks of the ’70s? This Is Going to Be Worse. Much Worse.

Fri April 3, 2026: Energy markets are having a Wile E. Coyote moment as oil supplies go off a cliff, expert says

[lapfog_1]

1. I hope the price of fossil fuel energy goes so high

that people embrace any other means of creating energy...

a) all forms of green energy
b) nuclear ( fission that I hope turns to fusion )
c) other

The 1970s oil crisis made us aware of the problems of a world oil economy and depending on middle east stability as a linchpin to the world economy based on fossil fuel. Clean coal is a myth. Climate change is real. We have had 50 years to change direction and remove oil and natural gas and coal from our energy generating needs and we basically ignored the situation.

time to wake the fuck up

[at140]

2. The last ice age has the answer

Ice age repeats on earth every 20 to 40 thousand years. Every ice age is followed by gradual global warming. The Great lakes were created from glacial ice melting. The lakes are the largest body of fresh water on earth. That was a lot of ice!

[MichMan]

3. Could always raise gas taxes $5 per gallon in order to make that happen

Won't happen before 2029. What candidate will have the courage to campaign on that?