James Thompson

That's a really interesting question, Wayne.

I was born in 1979.

You were born after that.

So our knowledge here of the 1970s oil shock is from the history books.

My sense, though, it was a pretty different time and quite a different oil shock.

Yeah, I think we're also ignoring the historical playbook to a certain extent because this shock is bigger.

I mean, the International Energy Agency has made that clear.

The number of barrels being taken out of the market here is much bigger than it was back then.

The shock in the 1970s was caused by the Iranian revolution.

So less about a conflict than a specific problem in Iran.

The times are different, but I think Anthony's right.

It's just hard for a lot of us to remember that period and follow the playbook.

Although I would say we are sort of following some aspects of the playbook.

Stage four, of course, of the government's playbook is moving back to some sort of rationing.

I'm not sure whether it will be on the last digit of your number plate or some other technique, but we may yet get there.

You know, Albanese has been very strong that we're a long way from that.

So I take your point about the term unprecedented as being thrown around a lot more.

But, Wayne, I think it has been seen as unprecedented that the Strait of Hormuz would be closed.

It was just one of those things that was never going to happen, and now it's happened.

And so I think there is a bit of shock value that's worth, you know, probably sounding a little bit alarmed about, because I think this crisis shows very few signs of ending quickly.