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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 ...
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Fact, America does produce its own oil.
I assume the limey puts beans on toast.
Not t sure what pronouns the Limey Doom Dwarf goes by.
You’re a moron. How’s your little buddy of a country Ukraine doing? Not so well, I think.
I spent the 70’s gas crisis in North Carolina attending a small college, I had a Schwinn Paramount 10-speed, a classical guitar, course material to study... and don’t even recall the gas crisis because I wasn’t really using gas but TBH I wasn’t paying the bills for me to go to college either. After that stint of obtaining by GE AA I was finished up in NC, and the crisis had passed. Armed with my AA and a votech electrical cert from HS the recession reared its ugly head, jobs were nonexistent, but the armed services weren’t meeting quotas so I enlisted, went through their programs and realized I was now 4 years behind where I figured I should have been at 25... c’est la vie!
No. Another bullsh*t article.
Rot in hell TDS loser!
Another day. RandFan, CondoleezaProtege, Miami Rebel, Minority Republican.
Wash. Rinse. Repeat.
The United States is a net exporter of petroleum products.
Depending on where you get your statistics, you may find some that say we are a net importer. But I believe that it is that true that we are a net importer of crude oil.
The caveat is that we import crude oil to keep the supply line of crude oil to our refineries fed with no empty spots in the pipeline so they can keep working 24x7.
It is true that our refineries are in dire need of not only maintenance, but new refineries, but they don’t make money if they aren’t refining.
Did the Rand crew have a good night’s sleep? How many are you?
RandFan is different, he isn’t a freeper with a different opinion, he isn’t an American living overseas, or a foreigner who lives in America.
RandFan is a foreign activist posting from his base in a hostile to Trump foreign country and trying to redirect freerepublic away from Trump and conservatism, and he does that posting thread after thread to channel the discussion away from FR politics into an anti-Trump stance and away from conservatism, she/he is scouring sources to find different approaches on different topics and politicians to undermine President Trump,.....all day long.....every day.
A hostile foreigner on a supercharged mission, which you would never know from his screen name, or tag line, or homepage, or his way of inclusive posting about “we” and such.
I have certainly tried to give this person the benefit of the doubt over the years. If what you say is true, that was an error on my part.
Absolute nonsense and you’re spreading malicious lies
I have no axe to grind and a varied posting history on many topics going back 7 years
All I can remember about it was dumbass Cartah grinning at us a a Cheshire cat and his brother Billy selling “Billy Beer” while station attendants painted pictures of Corn on the Cob on the gas pumps. Gas lines that made the lines at the Houston airport this last month look lonely.
RanFan says he/she almost never votes in his own country, yet he is here everyday creating threads and immersed heavily in anti-Trump politics with freepers as though he is just a local political junkie immersed in our daily American news, daily lives, and congressional and senate races and all of it aimed at Trump.
Why create a thread on 1970s gas lines for example, do you really think that is a big interest for this foreigner and he couldn’t wait to talk to the Americans on freerepublic about it? Oh how interesting!
Or we are unplugging the gulf.
And you know who says dont vote? George Carlin. A favourite American comedian
George Carlin doesn’t say anything. He died in 2008.
He was great and I enjoy some of his material
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