We already have a solution for oil’s price shock

Oil itself usually suffers last from energy price shocks, because households and businesses have no choice but to spend money filling up their cars, or buying cooking gas, or running generators.

IN nominal local-currency terms, countries accounting for at least a third of global oil consumption are already paying more than they ever had.

Members of the eurozone and India, the largest consumers of crude after the United States and China, surpassed their previous record prices on Wednesday and Monday, respectively.