Robbie Orvis predicts a sharp rise in energy prices, potentially comparable to the 1970s oil embargo crisis.

The Prediction in Context

Source: www.theatlantic.com

Orvis predicts that this could result in one of the fastest, sharpest rises in energy prices since the Arab oil embargo of the 1970s, which featured record-high oil prices, long lines and rationing at gas stations, and a nationwide inflation spike. An Energy Innovation analysis of an earlier, similar version of the bill found that, by 2035, the average yearly energy bill will be significantly higher in various states than it would have been if the IRA credits had remained in place. Blackouts and grid outages will become more frequent, and power-intensive industries such as AI and manufacturing will struggle under the weight of higher energy costs.