Ghost of past oil crises haunts world economy

Oil crisis? What oil crisis?

Prices are sky high, China is fast becoming as big a consumer as the United States, conflict in the Middle East threatens deliveries and some experts say there’s not much oil left in the ground.

Yet, the International Monetary Fund says the world economy is a more efficient machine these days than during the crises of the 1970s and that a further surge to $80 per barrel would probably only trim growth by a quarter of a percentage point.