The surge in the average price of gas from less than $3.00 US a gallon in January to $4.46 US is a heavy tax on already stressed consumers and businesses.
At the same time, fears about how long inflationary pressures may last have caused a rise in Treasury yields (and therefore an increase in fixed borrowing rates) in most major economies.
While a handful of companies led another sharp rebound in stock markets since the end of March, participation has been slim.
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History does rhyme. The OPEC oil embargo began in October 1973, when Arab members of OPEC announced an embargo against the United States, Canada, Japan, and Western European nations in retaliation for their support of Israel during the Yom Kippur War.
