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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
Oil price shocks have a long history, but today's situation may be the most complex everGas prices at a Mobil gas station in West Hollywood, Calif., on March 8, 2022.AP Photo/Jae C. Hong

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...

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