The energy crisis is still going on in all of Europe. The price of oil and gas is worrying governments as the cold winter months get closer. In this episode, we delve into the history of energy and explain what an oil shock is.

For over a century, oil has been both a fuel and a barometer for the world economy. But it can also be a double-edged sword as Western countries found out in the 1970s. At the start of the 1970s, the post-war boom was coming to an end. From 1971 onwards, things started going downhill, and oil ended up being at the heart of an unprecedented economic and geopolitical crisis. When we talk about an oil shock, like the events of 1973, we’re describing a dramatic rise in oil prices. Such scenarios have a negative impact on global economic growth.

How did the 1973 crisis come around? How did the oil-dependent Western countries react? What is the current situation, given Russia’s invasion of Ukraine? In under 3 minutes, we answer your questions!

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A Bababam Originals podcast written and produced by Joseph Chance.

In partnership with upday UK.

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