Home World News Ukrainian crisis and hydrocarbons: are we reliving the oil crisis of 1973?

Ukrainian crisis and hydrocarbons: are we reliving the oil crisis of 1973?

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Does history repeat itself? Since at least Herodotus, this question has occupied politicians, philosophers and diplomats. For Bruno Le Maire, the Minister of Economy and Finance, the events of recent months reflect the echo of a pivotal time, a real historical shift: The gas shock […] is comparable to the oil crisis of 1973, by the sudden rise in gas prices and the consequences it generates” he declared at the end of January in front of an audience of journalists.

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Nearly forty years later, will the same energy shocks produce the same economic consequences? The oil embargo declared by the OPEC countries in October 1973, in the wake of the Yom Kippur War, closes a parenthesis and opens another. The West then leaves the carelessness of the Glorious Thirty to enter the depression of the pitiful forty. But today, if the old world dies, how will the new look?

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