This ain't the '70s - parallels from that era are more manageable now

Energy is a direct beneficiary of higher crude oil prices. PHOTO: REUTERS
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The 1970s was a time of disco music and social movements but also a period of economic upheaval and market chaos.

Stagflation struck, causing economic growth to plunge and unemployment to soar. The most defining part of this era was the meteoric rise in energy prices, with crude surging from US$3 a barrel in 1970 to US$12 by 1974.

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