"In the past there was a group called 'Dire Straits.' It's a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world."
"The impact will be higher petrol (gasoline) prices, higher gas prices, high electricity prices. The countries who will suffer the most will not be those whose voices are heard a lot. It will be mainly the developing countries."
"Without a settlement of the Iran war that permanently reopens the Strait of Hormuz, everybody is going to suffer. Some countries may be richer than the others, but no country, no country is immune to this crisis."
The International Energy Agency warns of a severe energy crisis due to blocked oil supplies from the Iran war. Europe has about six weeks of jet fuel left, risking flight cancellations. The crisis will lead to higher prices for petrol, gas, and electricity, disproportionately affecting developing countries in Asia, Africa, and Latin America. No country is immune to the economic repercussions, which could result in slow growth or recession globally if the Strait of Hormuz remains closed.
Read at ABC7 Los Angeles
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