The Globe and Mail reports in its Friday, March 6, edition that if you thought we were close to decarbonizing the global economy, the current conflict in the Middle East highlights our ongoing dependence on oil. The Globe's Tim Shufelt writes that disruptions in oil supply lead to significant financial turmoil, as evidenced by recent market declines. "Fossil fuels are projected to retain a large share of the energy mix beyond 2050," McKinsey said in its latest Global Energy Perspective report. "Crucial alternative fuels are not likely to achieve broad adoption before 2040 unless mandated." The Persian Gulf's importance for oil has remained steady since the 1970s. In 1973, it supplied 34 per cent of global crude oil; today, it is 31 per cent. Panic is spreading in the oil market as the conflict, initially sparked by U.S. and Israeli attacks on Iran, now involves at least 17 countries and has blocked the Strait of Hormuz, through which 20 million barrels of oil pass daily. The clock is ticking. Crude oil prices have spiked by 25 per cent in just a week. There is a very limited amount of time to secure the global supply chain before an oil price shock begins to take shape. Oil shocks remain potent economy-killers.