Global Energy Crisis: Australia's Tough Times Ahead
Sydney News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The Strait of Hormuz closure due to Irans retaliation against Israel and the US has triggered a severe global energy crisis, with oil supply potentially dropping by three to five million barrels a day, pushing crude prices up to eighty US dollars a barrel. This crisis is causing inflation to spike, with consumer prices possibly racing at a ten percent annualized pace in the June quarter and hitting six percent year-on-year. Australian households are already feeling the impact, with sharp cuts in spending and consumer sentiment near its lowest since the early nineteen seventies. The government is trying to secure liquid fuels, but recession talk is no longer wild, and fuel rationing or work-from-home mandates may be inevitable. This crisis tests the resilience of leaders and the public alike, with hard bumps and unexpected breaks still to come.
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