00:00Planning a European holiday this summer? Well, the war in Iran may have something to say about
00:04that. The head of the International Energy Agency says Europe has about six weeks of jet fuel left
00:09before canceling flights could become a reality. That is not a lot of time. And not to put too
00:15fine a point on it, the IEA's executive director described the current situation as, quote,
00:19the largest energy crisis we have ever faced. The group's April report says that even if they found
00:25alternative sources to replenish half of what they're losing from the Strait of Hormuz being
00:29shuttered, it would still lead to impactful shortages by June. Europe has some of the
00:35highest dependence on Middle East oil. About 75% of what it uses comes from the region. And of course,
00:40all of the issues in the Strait of Hormuz right now has put all of that fuel in limbo. The
00:45latest
00:45warning comes just a week after a group that represents European airports said it was only
00:49three weeks away from serious shortages.
