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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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He isn’t an American and he doesn’t live in America, and he comes at Trump from many angles as he cherry picks sources for articles to post threads on at FR.
Yes, but they eventually realized that wasn't such a good thing long term.
But it did give us the song Low Rider, so it wasn't all bad.
Low rider don't use no gas now
Low rider don't drive too fast
Does the license plate on your car
end with an even # or an odd #?
Wow.
I always thought it was a she
😳
We could be if we don’t start producing our own oil, which we could if we wanted to.
To be fair, the BBC may be referring to Europe when they say “we”, and yes, it is going to get much harder for the Euroweenies related to oil and LNG. If they want to preserve their countries, they should be helping out in Hormuz. Alas, they can’t really do that, because their militaries are so depleted. Catch 22 for them.
Will streaking become a thing again?
Do you own a car?
Have you ever been to America?
I don’t really care what the BBC thinks. They should be worried about terrorist attacks in the UK, and making a list of all the things they won’t be able to address or cover once their demographics have shifted a bit more.
Then why would I want to pay the least attention? If he’s a foreigner in love with Paul, he surely is not pro-America.
Thx for the info. FR needs an ‘ignore’ function to turn off such as the Fan. I won’t be returning; I can do that myself.
Exactly.
He, or she, is a super aggressive anti-Trump agenda pusher at FR although he is a foreign activist living in a foreign land.
I’ll take ‘completely manufactured’ for $1000 Alex!
I paid 43 cents a gallon at a gas station mid-1970s
After the Arab Oil Embargo I was thrilled to
find gas for $1 a gallon when a gas station ⛽
not 1-2 miles away was charging $1 49.9 per
gallon and had a long line of cars waiting
I was like “I don’t think so!” and drove on ..
No line; right to the ⛽ pump $1 a gallon
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