‘Everybody looks back at the oil crisis of 1973, but this is so different’: Experts don’t see disaster ahead—with a big if attached

(Credit: Mohammed Abed—AFP/Getty Images)

The Israel-Hamas conflict has revived memories of the Yom Kippur War that sparked the 1973 oil crisis. Deutsche Bank’s strategists even warned this week that the odds of 1970s-style stagflation—a toxic combination of low growth and high inflation—are increasing around the world amid the escalating war in the Middle East. 

But Daniel Yergin, vice chairman of S&P Global, told CNBC Tuesday that he doesn’t believe history is repeating itself. “Everybody looks back at the oil crisis of 1973, but this is so different,” the oil guru said.