Repeat of 1970s oil crisis not expected

Fast rising oil prices are bringing back uneasy memories of the 1970s, but there is optimism a return to the economic darkness can be avoided.

That is despite oil prices near $US94 a barrel overnight, closing in on inflation-adjusted highs hit in early 1980.

Depending on how the adjustment is calculated, $US38 a barrel then would be worth $US96 to $US101 or more today, Associated Press is reporting.

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