The great oil shocks of the 1970s taught western politicians a sobering lesson about the might of the world’s energy superpowers. Fifty years later, that lesson is being learnt all over again.
Russia is fighting back against western sanctions by restricting the supply of gas to Europe. The prospect of a total cut-off of Russian gas is causing near panic in Europe as Germany and other major economies contemplate energy rationing this winter. Meanwhile, Joe Biden — worried by soaring petrol prices ahead of the midterm elections — has had to forget his campaign rhetoric about treating Saudi Arabia as a pariah. The US president is off to Riyadh next month to appeal to the Saudis to pump more oil.
The lesson seems to be simple and dispiriting. In 2022 — as in 1973 — the world’s major oil producers can still make the world’s biggest political powers dance to their tune.