18May2024
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Flashback to ’73: Oil Crisis Déjà Vu with a Modern Twist

Disclaimer: The views and opinions expressed in the vapa Swiss independent wealth management blog posts featured on this page are solely my own and do not necessarily represent the views of any institutions or organisations I may be associated with. These posts are intended to share personal insights and perspectives and should not be interpreted as official statements or positions of any affiliated entities.

The situation is serious. Seven Arab countries producing oil have ceased their sales to the US. They demand the withdrawal of Israeli soldiers from specific regions in the Middle East. They intend to cut oil production by 25% and raise its price by a staggering 70%!

Western countries are currently responding by enforcing driving bans and speed limits to conserve oil. Additionally, there’s a prohibition on filling petrol canisters to prevent shortages.

Hmmmm – you might ask about the emphasis on petrol canister bans. After all, who still uses them these days? This news takes us back to an event from the past, specifically on October 28, 1973.

It’s disconcerting that, even after exactly 50 years, some global leaders seem to prioritise conflict over peace talks. How wonderful it would be if those in authority aspired to foster a happier and more harmonious world instead of setting small fires until it leads to an ‘explosion’.

Source: LinkedIn

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1973 gas crisis vs. modern energy landscape: Are we facing a similar oil shock with a twist of electric alternatives?

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