, Columnist
Oil Shock Will Hit Asia Harder Than the 1970s
Shortages and price rises for fossil fuels are already hitting consumers in Asia.
Photographer: Dimas Ardian/BloombergThe dizzying changes wrought by energy shocks are only ever seen in the rearview mirror.
When the 1973 and 1979 oil crises first swept the world, analysts assumed the future would be business as usual. Crude demand from Western Europe would remain broadly stable throughout the 1980s, according to a declassified 1982 analysis for the Central Intelligence Agency. The Organization for Economic Co-operation and Development forecast in 1978 that its imports would rise to 35 million barrels by 1985.