Panic ensues as ‘largest energy crisis in modern history’ appears imminent

Energy expert and investor Eric Nuttall predicted in early May that the world was heading toward what may be the “largest energy crisis in modern history,” one that could spark oil rationing “within weeks” – and with the two-week mark now fast approaching, observers across the political spectrum began expressing alarm on Monday.

“We’re not talking months or quarters. In the next couple of weeks, you will have to rationalize demand by more than during COVID,” Nuttall told Bloomberg on May 1. “This is by far the biggest energy crisis that anybody alive is experiencing. There remains a lot of apathy in the market, because I just don’t think people can wrap their heads around it.”

Nuttall’s prediction came amid the ongoing U.S.-Israeli war against Iran, a conflict that immediately saw the partial closure of the Strait of Hormuz, a critical shipping waterway through which a fifth of the world’s oil trade flows. Iran’s retaliatory strikes against Gulf States’ energy infrastructure have only further exacerbated fears of a looming energy crisis of historic proportions.

And, with the two-week mark since Nuttall first issued his warning approaching on Friday, onlookers expressed fears that energy rationing could be imminent.

“Love how the stable genius ended [electric vehicle] tax credits and rolled back fuel mileage standards just in time to trigger the biggest global oil crisis since the 1970s,” wrote author and political commentator Patrick Tomlinson in a social media post Monday to his more than 61,000 followers on X.

Economist Philip Pilkington flagged Nuttall’s projected timeline for when the potential energy crisis – and subsequent energy rationing – may kick off.

“Two weeks from energy rationing. Two weeks. Not months. Weeks,” Pilkington wrote on X.

And Rod Dreher, a conservative journalist and author, issued a blistering – and sarcastic – rebuke of the potential looming crisis and its likely impact on the midterm elections for Republicans.

“I’m sure it will all be fine and won’t affect the fall election in any way,” Dreher wrote in a social media post on X Monday.