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When the war in the Persian Gulf began in late February, there were swift concerns that the conflict could trigger a rerun of the 1973 and 1979 oil crises, dramatically driving up global oil and energy prices.
Today, oil prices are significantly higher in nominal terms, but we are in a very different situation than during the 1973 oil crisis, especially relative to the global economy.
China has played a giant role in preventing a rerun of the energy price trends from the 1970s crisis.
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About the author
Tarric is an Australian freelance journalist and independent analyst who covers economics, finance, and geopolitics. Tarric is the author of the Avid Commentator Report. His works have appeared in The Washington DC Examiner, The Spectator, The Sydney Morning Herald, News.com.au, among other places.
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