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The world could be on the brink of an energy crisis rivaling the 1970s, says IHS Markit’s Yergin

Patti Domm of CNBC reports that energy expert Daniel Yergin is warning of an energy crisis that rivals the 1970s.

The C3 Take
  • The average price of gasoline has reached a record high of more than $4 per gallon.
  • The United States has blocked imports of Russian gas, which could further increase costs in America.
  • While gas prices are driven largely by international markets, the United States can alleviate some of these high costs by reducing regulations, increasing production, and authorizing key infrastructure projects such as pipelines.

“Moscow is one of the world’s largest oil exporters. Sanctions by the U.S. and allies on Russia’s financial system have already set in motion a backlash against Russian crude from banks, buyers and shippers.”

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The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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