{"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":["post-607864","post","type-post","status-publish","format-standard","has-post-thumbnail","category-environment","tag-airports","tag-americas","tag-asia","tag-au","tag-australia","tag-benjamin-netanyahu","tag-chemicals","tag-conflict","tag-crisis","tag-donald-trump","tag-energy","tag-energy-crisis","tag-energy-prices","tag-environment","tag-exports","tag-fertilizers","tag-fossil-fuels","tag-fuels","tag-growth","tag-imports","tag-industry","tag-inflation","tag-iran","tag-ireland","tag-keir-starmer","tag-markets","tag-micheal-martin","tag-middle-east","tag-negotiations","tag-oil","tag-ports","tag-russia","tag-science","tag-services","tag-sultan-al-jaber","tag-tax","tag-trade","tag-ukraine","tag-united-kingdom","tag-united-states","tag-ursula-von-der-leyen","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}]}}