What can the 1973 oil shock teach us? (The Economist, January 2023)

"When Russia invaded Ukraine in February 2022, the effects were felt far from the front line. In response to sanctions and price caps on its energy exports, Russia reduced supplies of gas to Europe and threatened to cut oil production. The global price of energy shot up. Something like this has happened before. In the 1970s Arab oil producing nations cut shipments to punish America and other countries that supported Israel in the Yom Kippur war. This sent prices sharply higher. How do these crises compare, and have we learned any lessons from the past?"


Dr. Verleger is featured in this short film from The Economist.