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The Middle East stranglehold on oil is dead and it isn’t coming back › Sunny South News
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The Middle East stranglehold on oil is dead and it isn’t coming back › Sunny South News
The blockade of the Strait of Hormuz is pushing prices higher and cutting demand but, more importantly, forcing the global energy system to find alternative sources of supply. People and businesses are already cutting back on energy use. The International Energy Agency says “demand destruction” is already underway. It shows up in reduced consumption, flight cancellations and policy measures, advisories and restrictions aimed at cutting fuel use.…
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