This is how the 1970s oil shock played out. There are lessons for the economy today
- Written by Laura Panza, Associate Professor, Economic History, The University of Melbourne
Cars lined up at a US gas station during the oil shock of 1979.Universal History Archive/Universal Images Group via Getty ImagesOn October 6 1973, the Yom Kippur War – mainly involving Egypt, Syria and Israel –triggered one of the biggest energy crises of the 20th century. Eleven days later, several Arab members of the Organization of...
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