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Soaring energy prices have reached such levels that French Economy Minister Bruno Le Maire compared the situation to that of the oil shock of 1973. What can we expect in the weeks to to come ?
Could we relive the 1970s, when a distant war caused prices to soar out of control? “It is no exaggeration to say that this energy crisis of 2022 is comparable in intensity, in brutality, to the oil shock of 1973”commented Bruno Le Maire, Minister of Economy, Finance and Recovery, Wednesday, March 9.
In 1973, OPEC raised oil prices in response to the Yom Kippur War. The course had soared 300% in four months, the same proportions as gas today. At the time, all energy had become very expensive, and the French were urged to save money. The lighting of shop windows was no longer permitted at night, and the television had to be switched off after 11 p.m. On December 18, 1973, Valéry Giscard d’Estaing, then Minister of Economy and Finance, announced the start of the time change. According to experts, it will again be necessary, in 2022, to go through energy savings.