While motorists have been hit by the current conflict, the oil price shocks of the 1970s led to a more precipitous rise in prices at the pump. The 1970s oil price shocks toppled governments, led to recessions and precipitated dramatic shifts in monetary policy (interest rates were hiked to more than 16 per cent in the United States). Ironically, the second oil price shock of 1979 triggered the Iranian revolution. And wholesale gas prices, the main driver of domestic electricity costs here, haven’t risen as much as they did in 2022. For Iran, oil trading at anything above $100 a barrel gives it leverage.

Source: The Irish Times April 03, 2026 10:02 UTC