Global Supply Shock Exposes the Myth of Energy Independence

The shock halt to oil and LNG supply at the Strait of Hormuz is reverberating to all major energy-consuming regions and exposes the energy security issues of Asia, Europe, and the United States. No region can be insulated from the biggest disruption in the history of the oil market, though some suffer more than others in terms of supply crunch. But all see soaring fuel prices and a very real threat of accelerating inflation, and no interest rate cuts soon. Asia experiences the biggest and most imminent disruption, while Europe loses the competition…