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Economy News

The Economic Times

Economy / The Economic Times

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Lessons learned in 70s have made US, world economies less vulnerable to oil shocks

The world economy is experiencing a significant oil price surge reminiscent of the 1970s. However, countries are now better prepared. Decades of efforts have increased energy efficiency and reduced reliance on Middle Eastern oil. New energy sources and stockpiles provide a buffer. While challenges remain for consumers and businesses, the global economy is less vulnerable to this shock than before.

12 Apr 2026 3:36 pm