There's now talk of another oil price shock, similar to those of 1973 and 1979. But while financial markets and politicians are worried, this is a minor shock compared to the last crisis. In today's money, prices reached 80 dollars a barrel back in 1980. So prices today are lower in real terms, and, of course, we're less oil dependent. Tony Blair today lobbied oil producers, at the UN conference in New York.
Oil IS still a problem.
If it remains pricey, financial markets everywhere could start to tumble. But, for Western leaders, petrol prices are the key oil-related concern. France is leading the way, and there's trouble in the US too. OPEC has new leverage over the world's largest economies.