Analysis: World Facing Historic Energy Crisis

Europe breathed a sigh of relief this week after Russia backed down on threats to cut off all of its gas supply through Nord Stream 1, the biggest pipeline on the continent. But supply shortages and soaring prices for oil and gas continue to cloud the global energy outlook. Daniel Yergin, Vice Chairman at S&P Global, explains why he believes the world is sliding into a crisis, worse even than the oil shock of the 1970s.