Oil price shocks have a long history, but today's situation may be the most complex ever
- Written by Scott L. Montgomery, Lecturer, Jackson School of International Studies, University of Washington
The world is in the grip of an oil price shock. In just a few months, prices have risen from US$65 a barrel to over $130, causing fuel costs to surge, inflationary pressure to rise and consumer tempers to flare. Even before Russia’s invasion of...