The oil shock of 1973 is the closest thing to what the world is experiencing presently thanks to the war in Iran.
The Indian government raised fuel prices and debated rationing petrol and diesel. Taxis came to a halt in the country’s financial capital. Freight transporters debated whether to raise prices. While the present shortage of gas and fuel globally isn’t the same as the fuel crisis nearly five decades ago, there are similarities and lessons from the crisis that are impossible to miss.
Much like the current shortage of natural gas has affected multiple industrial sectors - even shutting some down - the Indian and global economy were badly hit by the 1973 fuel embargo enforced by oil-producing nations.
Much like the current shortage of natural gas has affected multiple industrial sectors - even shutting some down - the Indian and global economy were badly hit by the 1973 fuel embargo enforced by oil-producing nations.