Braced for a new oil shock? Relax, this isn’t the 1970s

Those of us born in the late 1970s have a great advantage when it comes to understanding today’s oil market: we cannot remember Opec embargoes, nor the double-digit inflation and bitter recessions they triggered. So while many of our elders and betters were predicting Armageddon as the price of oil climbed inexorably over the past couple of years, we younger ones took the surge in our stride — rightly, as it turned out.