Anybody who remembers the oil-price shocks of 1973-74, 1979-80 and 1990 should now be suffering sleepless nights. On all three occasions crude oil prices tripled, inflation soared and the world economy went into recession. Over the past year, crude oil prices have, for a fourth time, risen more than threefold. Yet almost everybody seems to be sleeping soundly; nobody is predicting a recession. Perhaps they should wake up.
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