Posted on 03/30/2026 9:21:46 PM PDT by RandFan
The month-long closure of a crucial waterway for the global energy supply has sparked warnings the world is heading for problems worse than those caused by the 1970s oil crisis.
Lars Jensen, a shipping expert and former director at Maersk, told the BBC the impact of the US-Israeli war on Iran could be "substantially larger" than the economic chaos seen in the 1970s.
His comments follow a warning from the director of the International Energy Agency, Fatih Birol, earlier this month that the world is "facing the greatest global energy security threat in history".
"It is much bigger than what we had in the 1970s, the oil price shocks. It is also bigger than the natural gas price shock we have experienced after the Russia's invasion of Ukraine," he told the BBC.
But while the closure of the Strait of Hormuz is disruptive to global supplies, others argue the world today is more resilient.
What happened in the 1970s oil crisis?
The 1970s oil crisis was "fundamentally different" from today's, as the first oil shock back then was "the result of a deliberate policy decision", economist Dr Carol Nakhle, who is also the chief executive of Crystol Energy, told the BBC.
In October 1973, Arab oil producers placed an embargo on a group of countries led by the US over their support for Israel during the Yom Kippur war. That policy came alongside a co-ordinated cut to oil production.
"The result was a near quadrupling of oil prices within a few months," Nakhle said.
This led to fuel rationing in major oil-consuming countries, and Nakhle said it triggered a "global economic and financial crisis" with lasting implications.
(Excerpt) Read more at bbc.co.uk ...
Dear FRiends,
We need your continuing support to keep FR funded. Your donations are our sole source of funding. No sugar daddies, no advertisers, no paid memberships, no commercial sales, no gimmicks, no tax subsidies. No spam, no pop-ups, no ad trackers.
If you enjoy using FR and agree it's a worthwhile endeavor, please consider making a contribution today:
Click here: to donate by Credit Card
Or here: to donate by PayPal
Or by mail to: Free Republic, LLC - PO Box 9771 - Fresno, CA 93794
Thank you very much and God bless you,
Jim
Oddly enough I paid more in later 1970s
than in the mid-1970s
I seem to recall paying ~U.S.$35/ gal during my senior year of HS, 1973 (months before the Yom Kippur War) in the metro-Atlanta area. I do recall circa 1979 paying U.S.$1.00/ gal in Raleigh.
Yeah it was probably 1978-1979; when I paid $1
Can you please get us back 🔙 to the 1970s?
I enjoyed it so much
I also got my 8-track with Neal’s Fandango 🤣😃
https://youtu.be/sxZc5kiB5go?si=Pql_MlR2_w4_hvby
Yes with that cover on the 8-track tape
One dollar gasoline in 1978 is equal to $5.00 today. So it wasn’t better in the 70s
It was still a better time 😉😉
Taco Bell was still old style
Rockford Files on the radio 📻
Lots of Muscle Cars
Etc. 😄
The problem is speculation not supply-at least in the US. Blame the commodity speculators in London for this-hopefully they lose their asses when this all finishes at the end of April.
I was under water in the Med for the whole thing.
And for a moment, just a short moment
We thought that Rock Hudson was this
macho guy who liked women and commanded
that submarine under the ice...
Then Ernest Borgnine fought with Jim Brown
and everything fell apart when Patrick Mcgoohan
shot Jim Brown
My grandfather was one of the lucky ones
He escaped in a balloon during the Jimmy Carter presidency
Phone 📱 acting up
Wouldn’t let me correct Patrick McGoohan
Wear a sweater.
I remember that!
The problem was created by our gov’t.
There was no shortage but a mandated one.
As Tonto said to the Lone Ranger when surrounded by Indians, “Who’s *we* White Man?” We here in the US are an energy exporter. We produce 2/3rds of all the oil we need and the Albertan oil has nowhere else to go and we’ve got Venezuela playing ball and sending us their oil after we decapitating the government there. So we’re good on oil. I don’t know about you over in Europe or Asia. You’re not self sufficient. You may have a big problem - not us. BTW, give Gaia our regards.
RandFan should know Trump can order speedboats blasted out of the water.
US warships can deal with missiles, torpedos and drones.
.
What do you think of this recent statement from Trump:
“I hang out with losers because it makes me feel better. I hate guys that are very, very successful and you have to listen to their success stories. I like people that like to listen to my success.”
Donald J. Trump
What do you think of this recent statement from Trump:
“I hang out with losers because it makes me feel better. I hate guys that are very, very successful and you have to listen to their success stories. I like people that like to listen to my success.”
Donald J. Trump
Also that song with the lyrics I Can’t Drive 55! Speed limits were lowered to 55 to conserve gas. Lol.
The UK might have the worst oil crisis ever but, here in America, we produce our own oil and gas.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.