{"id":607864,"date":"2026-04-15T06:03:29","date_gmt":"2026-04-15T06:03:29","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/607864\/"},"modified":"2026-04-15T06:03:29","modified_gmt":"2026-04-15T06:03:29","slug":"what-the-world-needs-to-know-about-the-real-stakes-of-the-energy-crisis-politico","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/607864\/","title":{"rendered":"What the world needs to know about the real stakes of the energy crisis \u2013 POLITICO"},"content":{"rendered":"<p>\u201c[The] damage to household finances this year is to a large degree already done,\u201d said James Smith,\u00a0chief\u00a0economist at the Resolution Foundation, which made the estimate.\u00a0<\/p>\n<p>Pain points<\/p>\n<p>Painful costs could soon be accompanied by actual shortages.\u00a0Airports\u00a0<a href=\"https:\/\/www.bbc.co.uk\/news\/articles\/c3w37ggp011o\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">warned last week<\/a>\u00a0that,\u00a0if the strait\u00a0remains\u00a0closed for another three weeks, \u201csystemic jet fuel shortage is set to become a reality for the EU.\u201d\u00a0<\/p>\n<p>And Europe will face \u201ctightening constraints\u201d elsewhere by the end of April,\u00a0<a href=\"https:\/\/escalationtrap.substack.com\/p\/within-10-days-shortages-will-hit?utm_source=post-email-title&amp;publication_id=8126936&amp;post_id=194057567&amp;utm_campaign=email-post-title&amp;isFreemail=false&amp;r=mzn9m&amp;triedRedirect=true&amp;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">wrote<\/a>\u00a0Robert Pape, a professor of political science at the University of Chicago, as importers in Asia \u2014 the worst-hit region, which imports the most oil and gas from the Middle East \u2014\u00a0\u201ccompete aggressively for alternative supply.\u201d European importers, Pape said,\u00a0will then \u201cencounter both higher prices and reduced availability.\u201d\u00a0<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"661\" src=\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/04\/GettyImages-2270636074-1024x661.jpg\" alt=\"\" class=\"wp-image-8266073\"  \/>Airports\u00a0warned last week\u00a0that,\u00a0if the Strait\u00a0remains\u00a0closed for another three weeks, \u201csystemic jet fuel shortage is set to become a reality for the EU.\u201d\u00a0 | Justin Sullivan\/Getty Images<\/p>\n<p>Energy-intensive industries like chemicals, metals, and manufacturing could begin to cut output, he predicted.\u00a0<\/p>\n<p>Then\u00a0there\u2019s\u00a0the impact on\u00a0food prices, which are\u00a0affected by the rising cost and tightened supply of fertilizer \u2014 another casualty of the closure of the strait. \u00a0\u00a0<\/p>\n<p>In the U.K., for example,\u00a0the membership body for food and drink manufacturers says it expects\u00a0<a href=\"https:\/\/www.fdf.org.uk\/fdf\/news-media\/press-releases\/2026\/fdf-revises-food-inflation-forecast-to-at-least-9-by-the-end-of-2026\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">up to 10 percent food inflation<\/a>\u00a0by the end of 2026,\u00a0up from a pre-war prediction of 3.2 percent. Even that\u00a0forecast\u00a0was made\u00a0a fortnight\u00a0ago,\u00a0and\u00a0was\u00a0based on the strait opening \u201cwithin two to three weeks.\u201d\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"\u201c[The] damage to household finances this year is to a large degree already done,\u201d said James Smith,\u00a0chief\u00a0economist at&hellip;\n","protected":false},"author":2,"featured_media":607865,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[77000,2942,1724,64,63,6896,29808,6901,51536,2490,2572,259235,60635,75,11054,174446,8666,19216,208,18466,1695,5465,5575,26779,5312,171,250917,12241,22137,19136,185916,2016,128,17574,295671,4961,576,5525,3586,1055,22052,6900],"class_list":{"0":"post-607864","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-environment","8":"tag-airports","9":"tag-americas","10":"tag-asia","11":"tag-au","12":"tag-australia","13":"tag-benjamin-netanyahu","14":"tag-chemicals","15":"tag-conflict","16":"tag-crisis","17":"tag-donald-trump","18":"tag-energy","19":"tag-energy-crisis","20":"tag-energy-prices","21":"tag-environment","22":"tag-exports","23":"tag-fertilizers","24":"tag-fossil-fuels","25":"tag-fuels","26":"tag-growth","27":"tag-imports","28":"tag-industry","29":"tag-inflation","30":"tag-iran","31":"tag-ireland","32":"tag-keir-starmer","33":"tag-markets","34":"tag-micheal-martin","35":"tag-middle-east","36":"tag-negotiations","37":"tag-oil","38":"tag-ports","39":"tag-russia","40":"tag-science","41":"tag-services","42":"tag-sultan-al-jaber","43":"tag-tax","44":"tag-trade","45":"tag-ukraine","46":"tag-united-kingdom","47":"tag-united-states","48":"tag-ursula-von-der-leyen","49":"tag-war"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/607864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=607864"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/607864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/607865"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=607864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=607864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=607864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}