When Hamas struck Israel earlier this month, the first reaction of many people watching the energy space was the recall of a memory: a memory of the 1973 oil crisis. In that year, another Arab-Israeli war resulted in an Arab oil embargo on the biggest Western importers of Middle Eastern oil, which in turn led to massive oil shortages, lines at gas stations, and a surge in inflation. Yet, as knowledgeable observers note, the oil supply situation now is very different from what it was in 1973. Today, there are more non-OPEC producers than there were…
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