Lessons learned in ‘70s have made US, world economies less vulnerable to oil shocks

The article discusses how current global oil price surges due to Middle East conflicts are less economically disruptive than in the 1970s, thanks to improved energy efficiency, diversified energy sources, and reduced reliance on Middle Eastern oil. While the Strait of Hormuz disruption impacts 15% of global oil production, historical lessons have mitigated economic fallout compared to past crises.