The Iran war set off the "most severe oil supply shock in history," the International Energy Agency (IEA) said in a new report on Tuesday, warning that high prices would slash demand for crude, the primary lifeblood of the global economy.

In March, oil prices notched their largest one-month gain ever, the IEA said.

The IEA -- a Paris-based group made up of 32 member nations, including the U.S. -- warned of a widespread bout of “demand destruction" in the report. Under such a scenario, high prices would make oil unaffordable for many buyers, forcing them to find alternatives or forgo energy use altogether.

you are viewing a single comment's thread
view the rest of the comments
[–] 2 points 7 months ago (1 child)

part of it is they wer so low compared to everything else. When inflation hit a few years ago gas was hardly effected. Gas prices could have easily been 4-8 dollars near me and it would be about the same as prices were infaltion wise as the gulf war spike.

  • source
  • parent
  • hideshow 1 child comment
  • [–] 1 point 7 months ago

    Right?! Dating myself here but I remember paying $4/gal in the mid-late 2000’s the last time we were bombing the Middle East and then had a “once in a lifetime” economic meltdown that has happened a half dozen times since I was born.

    Adjusted for inflation, that’s $6.30/gal.

  • source
  • parent