Relevence to NL: This article discusses the implications that this war will have on the global economy and energy circulation. It draws in parallels to the 1970s Crisis to underscore likelihood of consequences.
uzbata on
Difference in that the 1970s oil crisis was caused by Oil exporters restricting exports/raising prices.
If the Iran war causes actual material damage to the Fossil fuel industry in the Gulf, it would be much worse as actual capacity would be taken out and will take a long time to repair.
Also, the 70s weren’t such a bad time to be low-income/medium-income country, unlike the 80s were most of these countries faced debt crisis.
Most of these low/medium-income countries today are heavily impacted by the lack of gulf oil entering markets.
2 Comments
Relevence to NL: This article discusses the implications that this war will have on the global economy and energy circulation. It draws in parallels to the 1970s Crisis to underscore likelihood of consequences.
Difference in that the 1970s oil crisis was caused by Oil exporters restricting exports/raising prices.
If the Iran war causes actual material damage to the Fossil fuel industry in the Gulf, it would be much worse as actual capacity would be taken out and will take a long time to repair.
Also, the 70s weren’t such a bad time to be low-income/medium-income country, unlike the 80s were most of these countries faced debt crisis.
Most of these low/medium-income countries today are heavily impacted by the lack of gulf oil entering markets.