Energy

Global oil crisis and inflation hurt consumers: World Energy Council

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The current oil crisis isn’t like previous ones — and consumers will have to bear the brunt of it even as they grapple with rising inflation, Angela Wilkinson from the World Energy Council told CNBC.

“I think this is a first global energy shock, this isn’t the same as the 1970s crisis, oil shock crisis. This is a … consumer driven crisis and the consumer-driven adjustments that are going to come out of this are going to be very significant,” Wilkinson, secretary general at the organization, told CNBC’s “Capital Connection” on Thursday.

The spike in oil prices came after major oil producer Russia invaded Ukraine in late February, triggering major global supply chain disruptions in the…



Source cnbc.com

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