Brutal past experience has taught us that a cost of living crisis doesn’t affect us all the same, because we don’t all go into it with the same income or wealth
Perhaps the most celebrated writer on oil markets is Daniel Yergin. His work has won a Pulitzer and his advice sought by every president from Bill Clinton to Donald Trump. Let’s start by looking at an example.
Fifteen years ago, before the US and Israel started their war on Iran, killing thousands of civilians in the process, before the strait of Hormuz became as infamous as the Bermuda Triangle, and before experts declared “the greatest global energy security threat in history”, Yergin published The Quest: Energy, Security and the Remaking of the Modern World. After hearing Trump announce a “very soon” end to the conflict for the second – or was it the third? – time, I dug out my copy. Just as I remembered, it devotes a chapter to the Persian Gulf.
Aditya Chakrabortty is a Guardian columnist
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