Recessions

News people who were not alive in the 1970’s see the world differently. There are many stories about the price of oil hitting $100 per barrel but they seem to have forgotten the oil embargo of 1973. It was in response to the surprise attack by Egypt and Syria against Israel known as the Yom Kipper War. The oil exporting countries in the Middle East stopped sending oil to the West and the price of oil quadrupled and there were long lines at the gas stations. During the 2008 mortgage crisis the price of oil surged to an all time high of $147 per barrel. During the 2008 recession the press the press referred to it as the Great Recession and said it was the worse since the great depression. While unemployment peaked at 10%, interest rates topped out at 7% and inflation at 5.5%. In the 1982 recession the unemployment also peaked at 10% but the interest rates hit 21% and inflation was 13%.