Experts warn that increasing petroleum prices could trigger widespread energy shortages “akin to the oil crisis of the 1970s”
across the world as the United States and Opec members are wrangling over the production increases, risking more trouble for consumers in countries ranging from India, Pakistan, Japan to Germany.
Most recently, even economically well-developed European countries like the UK have faced gas and oil disruptions while countries like India and China have serious difficulties in meeting their, which have all shown signs of a growing global energy crisis linked to fossil fuel shortages. The chart shows imported crude oil refiner acquisition costs between 1968-2006 with a clear spike in the 1970s. / Wikipedia Commons)
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