The Globe and Mail reports in its Saturday edition that we are experiencing the worst energy crisis in modern history. The Globe's Tim Shufelt writes that while gasoline prices in Canada have risen by 30 per cent since the Iran war began, this is still far from the peak after Russia's invasion of Ukraine in 2022. Notably, higher energy prices haven't yet led to broader inflation or significantly impacted the economy despite the largest oil supply disruption on record. About one-fifth of the world's oil supply was taken out when the Strait of Hormuz was effectively shut down more than three months ago, raising the spectre of $200-(U.S.)-a-barrel oil. Prices never got close to that. U.S. crude oil futures currently trade at about $85 (U.S.) a barrel. As far as crises go, this one feels remarkably mild, but we're not out of the woods, even with the possibility of a peace deal between the U.S. and Iran. A series of stopgap measures, especially the drawdown of existing crude oil reserves, has effectively contained economic fallout. However, limits are emerging, as indicated by the industry. In some regions, oil inventories are rapidly declining, with the U.S. strategic reserve nearing its lowest level in over 40 years.