The Iran War kicked off the price spike but it was uncanny how a machinery was so quickly put in place to instruct everyone of what to do. The panic about how to respond is intensifying. The crisis is without precedent, they say. We have to try new approaches, dramatic ones.

Suddenly, this institution called the International Energy Agency holds new prominence in world media. Founded in 1974, it’s an NGO associated with OPEC. It has no hard but only soft power – like the World Health Organization, with whom the IEA shares a similarly authoritative branding. [Read More]