When the war in the Persian Gulf began in late February, there were swift concerns that the conflict could trigger a rerun of the 1973 and 1979 oil crises, dramatically driving up global oil and energy prices.
Today, oil prices are significantly higher in nominal terms, but we are in a very different situation than during the 1973 oil crisis, especially relative to the global economy.
China has played a giant role in preventing a rerun of the energy price trends from the 1970s crisis.
