Could the bad old days of economic decline be about to return Since OPEC agreed to supply-cuts in March，the price of crude oil has jumped to almost$26 a barrel，up from less than$10 last December．This near-tripling of oil prices calls up scary memories of the 1973 oil shock，when prices quadrupled，and 1979—1980，when they also almost tripled．Both previous shocks resulted in double-digit inflation and global economic decline． The oil price was given another push up this week when Iraq suspended oil exports．Strengthening economic growth，at the same time as winter grips the northern hemisphere，could push the price higher still in the short term．