... remind people of what happened in 1973/1974, with the Yom Kipur war, when oil went from $3 to $12. I admit to being old enough to remember it. I do, too. Gas lines as far as you could see down the road, and people fighting over places in line. Today, it would be like a zombie apocalypse..............
We do have the strategic reserve and most of our oil comes from this hemisphere. Since oil is a global commodity, we would see a huge spike in gas prices and that could scuttle the economy. It just depends on the length of the crisis. If Israel hit Iran, it could last weeks or months depending on what the Iranian response was.
One of the costs that would drive the price of oil up would be the insurance costs for the maritime industry that transports the oil.
