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The chief economist of Exxon Mobil, which is dependent on the Middle East for much of its oil-and-gas production, said the energy market shock from the ongoing war with Iran is structurally similar to the Arab oil embargo in 1973.

“When I look back on past recessions..., I think one can see similarities to 1973 in the sense that you’re talking about physical barrels, physical cubic feet that aren’t flowing,” Tyler Goodspeed said during a discussion at the Economic Club of New York.

READ MORE: ‘One Can See Similarities to 1973,’ Exxon Mobil Economist Says of Iran Oil Shock