Columnist Matthew Lynn says the long 'oil crisis' era (1973–2026) is ending. He
argue recent US–Israel action against Iran, widely feared to trigger a severe
energy shock, pushed oil up briefly but did not hit inflation-adjusted record
highs (2008 peak $147/bbl ≈ $224/bbl today). Markets no longer expect emergency
energy-consumption curbs or runaway interest-rate spikes. Lynn identifies three
market implications: a reduced strategic weight for the Middle East; downward
pressure on inf — US headline prices could be near-flat YoY for a decade or
more; and greater global economic stability as oil loses its headline-driving
role, though it remains economically important.
