The War in Iran, Oil, and the Global Economy

The price of oil has risen by over 40% since the start of the war with Iran, and shipping through the Strait of Hormuz — which sees roughly 20 million barrels of oil transit daily — has come to a virtual halt. Past oil price spikes have driven inflation higher, and weakened economies worldwide. What do the current disruptions portend for oil markets, and global economic growth? How might these disruptions reshape energy production in the short run and the long run? David Victor joins EconoFact Chats to discuss these questions.

 

David is a Distinguished Professor of innovation and public policy at the School of Global Policy and Strategy at UC San Diego. He is also co-director of UCSD’s Deep Decarbonization Initiative.