1974 World Oil Crisis
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1974 World Oil Crisis
Fifty years on from the world oil crisis, Gough running the country, Charlie Jones minister for Civil Aviation and the inflation genie out of the bottle. How did these events impact on aviation in Australia, NZ and PNG?
Oil went from $2.50 a barrel to $10 so Whitlam had some sort of an excuse, not much mind you. Today oil is $80/$85 a barrel and If it went up to say $140/150 a barrel the world would be in a hell of a mess and that’s no where like the increase from the 1970s.
