Supply disruptions, high prices, nervous markets: The current war in the Middle East brings back memories of the oil crises of the 1970s. Back then, many economies plunged into stagflation. How bad is the current crisis?
Since the Iran war began, the surge in oil prices has stirred memories of the dramatic oil shocks of 1973 and 1979.
In 1973, oil-producing Arab countries imposed an embargo against Western nation… [+8336 chars]
