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Let's go back to the 1970s and think about oil and the global economy.
You had a scenario where the U.S. was this kind of declining oil producer.
That's Miles McCormick.
He covers energy for the FT.
And all the geopolitical power when it came to oil was largely centered around the Middle East
because that was where the bulk of the world's oil was being produced and being exported from and it was a growing source of oil.
Countries in the Middle East, members of OPEC like Saudi Arabia or Iran,
are pumping more and more oil.
And Western countries are consuming more oil,
which means that they're more reliant on that group of producers.
This reliance becomes a problem in the 1970s.
This is a turbulent time in the Middle East, from the Arab-Israeli War to the Iranian Revolution.
And this turbulence causes oil prices to spike.