On oil price shocks and inflation, growth and wage coercion
On oil price shocks and inflation, growth and wage coercion June 17, 2025 | 12:02 am My Cup Of Liberty By Bienvenido S. Oplas, Jr. https://www.bworldonline.com/opinion/2025/06/17/679426/on-oil-price-shocks-and-inflation-growth-and-wage-coercion/ The Israel-Iran war is now five days old, and the immediate impact is a crude oil price hike. From an average of $61-$62 per barrel from early April to early June 2025, West Texas Intermediate (WTI) crude quickly jumped to $68-$73 per barrel from June 13 onwards. The war looks like it will last for several weeks or months, so elevated world oil prices will be with us. I checked data on the previous wars in the Middle East, the oil price hikes that followed, and the inflation rates of G7 countries and selected Asian nations at the time. China and Vietnam do not have inflation data from the 1970s so I removed them from the list. Four periods that had oil price shocks are covered: 1.) 1974, mainly as a result of the big Yom Kip...