Dr Bryce Wilkinson: The oil price policy traps from the 1970s which the Government should learn from

Brent crude hit $112 a barrel last Friday. Goldman Sachs says it could reach $147 if the Strait of Hormuz stays closed; the futures market predicts it will be $86 in six months. Anyone who knew for sure could make a fortune. But no one does.

The inexorable pressure on governments to “do something”, always has dangers New Zealand has been here before. Twice. First in 1973–74 and again in 1979–80.