We Got $9.99 Problems, and Energy is One

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The war in Iran and closure of the Strait of Hormuz created a global energy supply crisis. And while gasoline prices didn’t reach the extreme highs some predicted a few months ago, the global markets are still in flux. “What has been disrupted most is the confidence in the old energy system where you could reliably and affordably dig up a source of energy thousands of kilometers away from where you expected to ignite it and expect that process to be smooth,” says Gerald Butts, chairman of political risk consultancy the Eurasia Group. What has the war in Iran meant for energy markets? How much have shortages and price spikes pushed more companies and countries toward renewable energy? As…