The oil crisis in the Middle East has often been described as a “shock” during the 13 days of the Iran war. Yet in many ways the scenario unfolding – where the conflict has forced advanced economies like Australia to confront diminishing fuel reserves – was foreseeable. The lessons of the past are all too often ignored. Throughout history, constricting or crippling energy flows was a potent tool of global power. During the Second World War, Joseph Stalin famously credited the Allied victory to the Red Army’s success in denying Nazi Germany access to the Caucasus oilfields. Loading...