History’s worst energy crisis, minus the price shock

This is a reminder that we’re still living through the worst energy crisis in modern history. It hasn’t really felt like it so far. Sure, gasoline prices in Canada are up by 30 per cent since the conflict in Iran began, but that’s nowhere close to their peak after Russia invaded Ukraine in 2022. More importantly, the pain has not spread beyond the pump. Higher energy prices haven’t bled into broader inflation pressures, not yet at least. Nor has the economy buckled under the weight of the largest oil supply disruption on record. Around one-fifth of the world’s oil supply…