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Will war in Iran change the world like the 1970s oil shocks?
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Disruption of the flow of energy in the Gulf will eventually disrupt the flow of money throughout the world financial system.
PHOTO: AFP
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Jeff Sommer
In January 1974, my dad lent me his old gas-guzzling Ford LTD to haul my clothing and books to college in Ithaca, New York. A couple of weeks later, when I tried to drive back home to Long Island, I realised that I could not buy enough petrol for the 400km trip.
The 1973-74 Arab oil embargo was well under way. The price of oil had nearly quadrupled; there were lines at petrol stations, and drivers were allowed to queue up only on alternate days. I had picked the wrong day for my trip. No petrol for me. So much for freedom of the road.
