Gluttons for Punishment: NY Times Keeps Stepping on Rake With Oil Doomsayer Routine
17th March 2026
Someone should do a wellness check on The New York Times. Looks like its journos read the portents wrong — AGAIN — on another one of its apocalyptic prognostications on the economic consequences of President Donald Trump taking out the Islamist regime in Iran.
Times business reporter Emmett Lindner nonsensically tried to dig up the corpse of the 1970s oil price shock following the Yom Kippur War as a comparative case study to what is transpiring around the Persian Gulf as Israel and the U.S. decimate Iran’s war machine. “Echoes of the ’70s in What’s Now the Largest Oil Shock Ever,” read Lindner’s overdramatic March 13 headline.
Lindner even had the temerity to suggest that the Iran War of 2026 was “worse” than the 1973-74 energy crisis, which was marked by a plethora of factors, which included the following: Bad domestic policy, dollar devaluation, and an oil embargo imposed by the Organization of Arab Petroleum Exporting Countries (OAPEC).
“Certainly, oil and gasoline prices are soaring,” cried Lindner like a soothsayer throwing fits as he pours over the portents. “The 1973 embargoed oil accounted for about 7 percent of global oil consumption, and targeted only a handful of nations … Now, closer to 20 percent of the world’s supply is threatened, and the disruption is caused by a war that has no end in sight.”
Lindner’s scareporn had a shelf life of about 3 days, as U.S. oil prices (WTI crude) would plummet over five percent back under $100 to $93.54, leading Wall Street toward having its best day since the war began, as the Associated Press reported March 16. As popular trading account NoLimitGains posted on X the same day, “Traders are betting this [war] ends soon.”