Oil's Historic Dominance Over Global Economics Ends After 53 Years, Analyst Says; Prices Surge Yet Avoid 2008 Peak

According to analyst Matthew Lynn reported by Jin10, oil prices have not reached historic highs despite recent surges following U.S.-Iran military tensions on June 23. The 2008 peak of $147 per barrel would equate to approximately $224 in current dollars. Lynn stated that the era of the "long oil crisis," spanning from 1973 to 2026, has ended. Oil will no longer dominate headlines as its strategic importance continues to diminish globally.
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