This Oil Shock is (Already) Worse Than 1979

About this episode

Mark Moss discusses the current oil shock and its implications compared to the 1979 crisis.

The last time I ran caused an oil shock. It was 1979. Back then, the world lost 5 million barrels a day. Inflation went as high as 13% and it took years to recover. Okay, so this time, well, we've already lost 11 million barrels a day. That's more than both of the 1970s oil shocks combined. And what I don't really see anybody talking about, at least not as of right now, is that even if peace is declared right now, today, which it looks like it is. See omnystudio.com/listener for privacy information.

People in this episode

Host: Mark Moss

Topics covered

• oil shock
• inflation
• energy crisis
• economic recovery
• global oil supply

Keywords

• oil shock
• 1979
• inflation
• barrels per day
• economic impact

Mentioned in this episode

Places: world, 1970s

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