Where is the global oil shock?

With oil priced at over $70 a barrel many are asking why the impact is not as severe as the two OPEC-induced oil shocks that struck the world economy in 1973 and 1979.

On an inflation adjusted basis, oil prices would have to rise above $90 to exceed the all-time highs set a quarter of a century ago when supplies became tight in the aftermath of the Islamic revolution in Iran and the war between Iraq and Iran.