Heh, interesting. I gotta tell you in near period occured the "oil crisis" in 1973, which carried stagflation and high interests until the next decade. There wasn't enough supply production for the demand... You can search photos of horses on the streets and big lines for fuel.
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The oil crisis was only one small part of the wider economic disconnect from commodities to fiat. But having Arabs as scapegoats is certainly handy for the political class.