US oil reserves are at their lowest level since 2004 as the energy impacts of the Iran war pile up, but countries are finding ways to adapt.
The energy shock from the largest supply disruption in history feels “remarkably mild,” Semafor’s climate and energy editor argued.
A decline in China’s oil imports has “shielded the rest of the oil market,” one strategist noted, while a new study showed impacts to the US are less pronounced than the 1970s energy crisis, owing to a rise in domestic oil production.
“The world is learning to live without the Gulf’s seaborne exports,” a former US Treasury official wrote: The conflict has forced Asia and Europe to accelerate their transition to renewable energy.
