Chart ignores. 1) Wars. 2) Opec 3) increases in demand 4) macro economics from 1947 to 1970 https://twitter.com/NickSzabo4/status/699125633280946176 …
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@NickSzabo4 what about the regular crisis driven more than quadruple jumps in volatility? https://en.m.wikipedia.org/wiki/1973_oil_crisis …
@sytaylor Suez Crisis was as bad for oil supplies but did not result in anything like that volatility.
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@NickSzabo4 was also pre Opec dominated supply chain - also the mbpd during 1940 to 1970 increased dramatically. Oil significance grew. -
@NickSzabo4 plot large recessions against that. And the period during ww2. -
@NickSzabo4 dishonest choice of timeline. - 1 more reply
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