The current COVID pandemic is recreating the OPEC Oil crisis of 1973 which has sparked the rise of inflation and unemployment back in 1973.
Again, as we who lived through these particular times through to the mid 1970s would recall the sudden rise of petrol prices during the original oil crisis of 1973, and again, in 1979, as a child growing up in New Zealand, who can recall having to place CARLESS DAYS stickers on your windscreens, for the 1 Day of the week when you could not drive your car on the road.
(Facebook: Old Wellington Region)
Drastic measures were set in place by the Governments of the world to restrict petroleum consumption due to the OPEC OIL crisis which was set in motion by OPEC. Again, OPEC members are responsible for the present spike in the global price of oil, which is responsible for the current increase of the price of petrol prices at the pump today.
Thus crisis is not limited to Australia, or New Zealand, it is global.
Coincidentally, the Climate Change weltgeist today has only exacerbated the global squeeze on fossil fuels suppliers, in which case, OPEC members are having to meet carbon emissions reduction measures which has doubled down on Oil producers having to meet these global warming red flags with the increased fuel excise tax at the bousers.
Suddenly, it is de ja vue for those of us who lived through the Seventies.
Tim Tufuga B.A (U.Q)
(I had written many Political Science papers on Political Economy issues regarding the Keynesianism bubble and the rise of stagflation as an undergraduate in both Victoria University of Wellington and at The University of Queensland regarding this very issue. )
Source:
Hutchens, Gary, ABC Australia, https://www.abc.net.au/news/2021-10-29/record-prices-are-at-record-highs-fraser-government-john-howard/100575924?utm_campaign=abc_news_web&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web
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