Global energy crisis could be tougher than 1970s oil shocks
The International Chamber of Commerce (ICC) is sounding the alarm about a possible industrial crisis sparked by ongoing Middle East conflicts.
ICC chief John Denton says this energy crunch could be even tougher than the 1970s oil shocks, with rising prices and shortages of essentials like gas already hitting industries worldwide.
ICC chief Denton warns of looming industrial catastrophe
Denton's warning comes just before a key World Trade Organization meeting.
He warned the situation could become the worst industrial crisis in living memory, citing surging energy prices and shortages of gas and other essential inputs.
Without quick solutions, disrupted supply chains and soaring costs could trigger the worst industrial crisis in living memory, impacting jobs, trade, and everyday life around the globe.