History lessons

Every energy shock has its winners and losers. Countries that export more oil and gas than they import do well while those that import more than they export suffer. That was the case when the price of oil surged in late 1973 and it is the case now.

Saudi Arabia is one country that benefits from rising fossil fuel prices, and Russia is another. The Kremlin’s gas revenues have been two to three times greater than normal in the first half of this year, increasing the