How High Could War In The Middle East Drive Oil Prices?

When Hamas struck Israel earlier this month, the first reaction of many people watching the energy space was the recall of a memory: a memory of the 1973 oil crisis. In that year, another Arab-Israeli war resulted in an Arab oil embargo on the biggest Western importers of Middle Eastern oil, which in turn led to massive oil shortages, lines at gas stations, and a surge in inflation. Yet, as knowledgeable observers note, the oil supply situation now is very different from what it was in 1973. Today, there are more non-OPEC producers than there were…