If Wirth Is Right About a 1970s-Style Oil Crisis, These Retail Stocks Could Take the Biggest Hit This Summer.

The oil shortages in the 1970s were terrible, predominantly caused by Middle Eastern countries curtailing deliveries to the United States. It was an ugly time, with gasoline lines and high energy prices (for the time period). Chevron (NYSE: CVX) CEO Mike Wirth just described the current energy market as similar to the one in the 1970s. That could be a big problem for retailers.To be fair, the United States isn't as reliant on Middle Eastern oil today as it was in the 1970s. So the direct impact on the U.S. market won't be the same. However, countries like Japan, which import a lot of oil from the Middle East, could see a 1970s-style hit, including gasoline lines, if supply disruptions from the ongoing geopolitical conflict in the region continue. But the United States can't entirely avoid the impact, since oil is a commodity. There are fears that high energy prices alone could push the United States and the world into a recession.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool