If You Think Rising Oil Prices Are Bad, Just Wait for the Inevitable Crash

By Philip Delves Broughton

Mr. Broughton is the author of “Embargo: The 1973 Oil Crisis That Changed the World (And What We Can Learn From It Now),” to be published in November.

When the United States and Israel attacked Iran in February, a temporary surge in oil prices was a given. Seven months on, with the international price for a barrel of crude around $100 and tankers still cowering in the Strait of Hormuz, drivers seem resigned to paying $5 for a gallon of gas for the foreseeable future.

They........

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