Oil and Gas Supplies: A Warning Sign
The US-Iran conflict had a significant impact on the country's economy, particularly in terms of rising gas prices. The cost of crude oil skyrocketed from around $72 per barrel to nearly $120 per barrel during the conflict. This led to an almost 30% increase in average gasoline prices in the US.
The rise in gas prices caused significant concern among consumers, with many comparing prices at different gas stations and discussing how much it cost to fill up their tanks. However, one issue stood out - what would happen when oil and gas supplies begin to dwindle? Two schools of thought exist: one believes that the world has an abundant supply of oil and gas, while the other, supported by most in the industry, estimates that we have around 40 years' worth left.
Countries are taking steps to prepare for the decline of oil and gas reserves. Over 60 nuclear power plants are in design or under construction worldwide, with some countries also investing in solar and wind power.