The energy crisis caused by the war in Ukraine resembles the oil crisis of the 1970s, caused at the time by the Yom Kippur war (on October 6, 1973, the fasting day of Yom Kippur (“Atonement” for the Jews), the Egyptian and Syrian troops surprise Israel). From a macroeconomic point of view, inflation and stagnation are, in both cases, the direct consequence. With regard to the search for solutions, these two crises are however totally different.
Yesterday, the response to the embargo decreed by OPEC had mainly consisted in seeking new oil reserves, in America or in Africa, causing, ten years later, a counter-shock in prices. This time, it is a question of accelerating the exit from fossil energies, of taking advantage, if one dares to say, of the crisis to intensify the fight against global warming. Because one accepts better, perhaps curiously, to submit to a requirement of sobriety when it is imposed by external circumstances than when it is dictated by a moral imperative.
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