Are conditions today comparable to the oil shock of the 1970s? The situation is not identical. The structure of the global economy has changed with the increasing influence of emerging economies. There have been major breakthroughs in science and technology. Much progress has been made in energy saving technologies. But, that being said, I trust that there are also important similarities.
Today as in 1973-1974, there is a major transfer of resources from oil consumers to oil producers. Trying to deny that there is such a transfer of resources to oil producers is and would be a major mistake.