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The Independent UK

National

Paul Wiseman and Yuri Kageyama

Lessons learned in '70s have made US, world economies less vulnerable to oil shocks

Oil United States Economy Donald Trump Petroleum Amy Myers Jaffe Richard Nixon The United States International Energy Agency Iran

Emirates Iran War - (Copyright 2026 The Associated Press. All rights reserved.)

The world economy is experiencing a disorienting flashback to the 1970s.

Oil prices are once again surging in the wake of war in the Middle East, driving up the cost of gasoline, diesel and jet fuel and threatening a return to stagflation – the toxic mix of higher prices and slower growth that made economic life so miserable a half century ago.

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