This ain't the '70s - parallels from that era are more manageable now

Energy is a direct beneficiary of higher crude oil prices. PHOTO: REUTERS
New: Gift this subscriber-only story to your friends and family

The 1970s was a time of disco music and social movements but also a period of economic upheaval and market chaos.

Stagflation struck, causing economic growth to plunge and unemployment to soar. The most defining part of this era was the meteoric rise in energy prices, with crude surging from US$3 a barrel in 1970 to US$12 by 1974.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.