What Is Fueling The Surge In Gasoline Prices? ...Middle East

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What Is Fueling The Surge In Gasoline Prices?
source : OILPRICE ( Middle East ) () 2
Back in the 1970s, Arab oil embargoes caused short-term pain for the West due to rising crude prices. However, it also spurred a drive for fuel efficiency that ultimately reduced the country’s reliance on foreign oil. At the same time, it boosted the GDP per unit of energy consumed. Will history repeat itself? There’s no easy way to tell. Could High Crude Prices Cause a “Changing of the Guard?” This week, the Economist mentioned that some modern European governments hope current pains at the pump result in a similar shift.…

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