‘Fossilflation’ is Hitting Households Worldwide
Six months since the closure of the Strait of Hormuz sent shockwaves through global energy markets, 350.org is warning that households around the world are paying the price of continued dependence on volatile fossil fuels. The Strait of Hormuz is a critical global energy chokepoint, carrying roughly a quarter of the world’s seaborne oil and a fifth of its LNG.