Apart from England’s football manager Kevin Keegan reviving his permed hair, what worries most people about a 70s revival is the prospect of the Organisation of Petroleum Producing Countries (Opec) holding western economies to ransom over oil prices and supply. The 1973–74 spike in prices provoked a global recession, but does the resurgence in crude prices mean we are in for a re-run? Analysts fell into two camps towards the end of last year. Some believed many economies could not ...
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