OPINION

Slugcatcher: Rates and oil to trigger a recession, as they did in the 1970s

OPEC is back in the driver’s seat and there’s a real chance that the Arab-led oil cartel will drive the global economy off a cliff as it did in the 1970s.

Slugcatcher

Slugcatcher: Rates and oil to trigger a recession, as they did in the 1970s

Back then, thanks largely to a series of wars between Egypt and Israel, OPEC weaponised oil, turning off supply and driving the price up from around US$2.70 a barrel in 1973 to US$35/bbl by 1980....

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