"The surge in energy prices provoked by sanctions
against Russia will have consequences similar to those of the 1973 oil
crisis," Bruno Le Maire, the French finance minister, warned on Wednesday.
The current energy crisis is "similar in intensity and
brutality to the 1973 oil crisis," he told a news conference in Paris.
"As you know, the response in 1973 caused an inflation
shock and central banks had to raise interest rates sharply, which thwarted
growth," the minister added.
"It's called stagflation, and that's what we want to
avoid in 2022," Le Maire said.
The first oil crisis was triggered by the Yom Kippur War in
the early 1980s, when Egyptian and Syrian forces invaded Israel.
Six Arab countries belonging to the Organization of the
Petroleum Exporting Countries (OPEC) have announced a ban on the export of oil
to countries that support the Jewish state, including the United States.
With oil prices quadrupling to $ 11.65 a barrel, Western
countries have faced recession and high inflation.
In Europe, wholesale gas and crude oil prices jumped to
record highs this week amid concerns over supply disruptions linked to Western
sanctions on Russia.
The United States and the United Kingdom on Tuesday
announced a ban on energy imports from Russia, provoking another price spike.
The price of Brent oil was nearly $ 130 a barrel on
Wednesday."
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