The 1970s are making a comeback, but not in a good way, as surging oil prices, a weak job market, and slowing growth revive memories of stagflation.
And like the ’70s, Iran is at the center of it again. The earlier shock began with the Arab oil embargo in 1973 and received another jolt from Iran’s Islamic Revolution, forcing motorists to wait in long lines for gas as supplies were rationed.
