Myles McCormick and Jamie Smyth of the Financial Times report how Middle East turmoil no longer poses such a threat to the world’s thirstiest petrol consumers. They write:
In 1973 and 1979 war in Israel and turmoil in Iran twice ruptured the oil market, triggering an inflationary surge that sapped western economies and unseated a US president. In the decades since, the possibility that new strife in the Middle East could deliver another administration-ending jump in oil and petrol prices has hung like a spectre over the White House.
In the decades since, the possibility that new strife in the Middle East could deliver another administration-ending jump in oil and petrol prices has hung like a spectre over the White House. […]
“But alas, [crude] prices will go up if there is a market supply shock and that will probably transmit itself back to US drivers as higher fuel prices — global market and all that.”
Read more here.
