Iran: Is another 1970s‑style oil crisis looming?

Since the Iran war began, the surge in oil prices has stirred memories of the dramatic oil shocks of 1973 and 1979.    In 1973, oil-producing Arab countries imposed an embargo against Western nations to punish them for supporting Israel during the Yom Kippur War. Oil prices skyrocketed, forcing many Western governments to implement energy-saving measures such as gasoline rationing. Germany, for instance, declared several car-free days, banning private vehicles from the streets on four consecutive Sundays. Is the world once again on the brink of a similar crisis? READ: Iran war could drag down Philippine growth to sub 3% in Q2 Fatih Birol, the head of the International […]... Keep on reading: Iran: Is another 1970s‑style oil crisis looming?

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