Oil shock simulation shows US losing 2m jobs, the largest drop since 1945

A simulation of an oil shock, engineered by the National Commission on Energy Policy and the advocacy group Securing America’s Future Energy, looked at a scenario where 3.5 million barrels of oil were suddenly removed from a global market of more than 83 million barrels.

Top former US government officials including >two former directors of the CIA, participated in the simulation. Participants took on the roles of members of the US cabinet and were asked to advise the president. They were given scenarios of oil supply interruptions via television news bulletins and memos. As events unfolded, economists and former oil executives briefed them on the markets’ reaction. The role-play was set in December 2005 /p>

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