Special Episode: Crude Mistakes — The Economics of Oil Crises and Failed Policy
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Special Episode: Crude Mistakes — The Economics of Oil Crises and Failed Policy
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Summary
From the 1973 embargo to today, governments have repeatedly responded to oil crises with interventions that sounded reasonable but made things worse. Price ceilings created gas lines. Subsidies distorted markets for years. Emergency stockpile releases bought weeks, not stability. We dig into the economic mechanics behind oil shocks, examine why well-intentioned policies backfired, and lay out what economists say governments should actually do when the next crisis hits.
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