From oil to electrons: lessons from the 1970s energy crises - European Central Bank
Source: European Central Bank
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DW NOTE
The ECB is publishing a retrospective on 1970s oil shocks while oil trades at $77 — down 30% from its recent high — with the Strait of Hormuz closed for four months. That's not analysis, that's arriving at the fire with a history of matches.
For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shor
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