The Strait of Hormuz has been closed for business for well over a month now. The effective blockage of the waterway that typically hosts the passage of at least one-fifth of the world’s oil and gas resources on the average day has sent global energy markets into a tailspin. The resounding impacts of this disruption – which is now larger than those in the 1973 and 1979 oil crises combined – are just beginning. The question is how the world will choose to deal with the fallout – will we retreat into well-worn fossil fuel supply…
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