WASHINGTON (AP) — The world economy is experiencing a disorienting flashback to the 1970s.

Oil prices are once again surging in the wake of war in the Middle East, driving up the cost of gasoline, diesel and jet fuel and threatening a return to stagflation – the toxic mix of higher prices and slower growth that made economic life so miserable a half century ago.

But the U.S. and world economies are less vulnerable now than they were when Saudi Arabia and other Middle Eastern petroleum producers withheld oil supplies to punish countries that supported Israel in the 1973 Yom Kippur War.

In response to that shock – and another triggered six years later by the Iranian revolution — countries embarked on a new course to increase their energy efficiency, reduce their dependence on Middle Eastern oil, stockpile fuel against future threats, and find and develop alternative sources of energy.

“We have decades of experience now dealing with these kinds of oil shocks,’’ said Amy Myers Jaffe, research professor at New York University’s Center for Global Affairs.

Of course, the notion that the current Iran energy shock could have been worse is little comfort to frustrated American motorists paying $4 or more for a gallon of gasoline, to European farmers contending with skyrocketing fertilizer prices and to street vendors in India who can’t get enough gas to cook curries and samosas for their customers.

And the sheer scale is unprecedented. In response to attacks by the United States and Israel that began Feb. 28, Iran effectively shut off the Strait of Hormuz, through which 20 million barrels of oil — or one-fifth of global production — flowed daily.

Lutz Kilian, director of the Federal Reserve Bank of Dallas’ Center for Energy and the Economy, figures that 5 million daily barrels can either be rerouted from the Persian Gulf to the Red Sea or continue to transit through the Strait of Hormuz. But that still means that roughly 15 million barrels — or 15% — of daily global oil production is missing, compared with just 6% in the 1973 embargo and after Iraq’s invasion of Kuwait in 1990.

Cushioning the blow

Changes the U.S. and other countries made over the past five decades have limited the economic fallout from the war. In 1973, oil accounted for almost half — 46% — of world energy supplies. By 2023, oil’s share had fallen to 30%, according to the International Energy Agency.

The world still uses more oil than ever: Consumption topped 100 million barrels a day last year, up from fewer than 60 million barrels a day in 1973. But a much bigger share of global energy is coming from other sources — such as natural gas, nuclear, solar — compared to five decades ago.

The United States, in particular, has weaned itself away from dependence on foreign oil.

Countries also began stockpiling oil and set up the Paris-based International Energy Agency in 1975 to coordinate responses to energy shocks. Last month, the agency’s 32 member countries agreed to release 400 million barrels of oil in an effort to calm the oil market; included were 172 million barrels from the U.S. Strategic Petroleum Reserve, set up in 1975.

Central banks such as the Federal Reserve also learned lessons. In the ‘70s, they reduced interest rates to protect the economy from the oil shocks. In so doing, they overlooked the threat posed by higher energy costs — and inflation, already elevated, got worse.

In a Feb. 17 commentary – 11 days before the United States and Israel attacked Iran – the Dallas Fed’s Kilian wrote that the Fed erred in cutting rates to boost the economy when the 1970s oil shocks hit: “What we can learn from the 1970s is that a well-intentioned policy of stimulating the economy by lowering interest rates has the potential of inadvertently reigniting inflation.’’

Trump undoes efforts to reduce oil dependence

While much has changed, the University of Chicago’s Ori cautions: “Oil is still king, the No. 1 fuel in the U.S. economy.’’ Cars, planes, trucks and ships get about 90% of their delivered energy from petroleum. “The lifeblood of the economy – the transportation sector —is still overwhelmingly reliant on petroleum fuel, the price of which is set in a global market,’’ Ori said, “and a disruption anywhere affects the price everywhere.’’

He also notes that President Donald Trump is undoing many of the policies meant to reduce America’s dependence on petroleum and to encourage the use of electric vehicles.

Trump’s sweeping tax bill last year ended consumer credits of up to $7,500 for EV purchases. He has announced a proposal to weaken U.S. fuel economy standards and repealed fines on automakers that don’t meet those standards.

“You take all that together, and the fact is, the U.S. is going in the opposite direction of making big changes to further insulate the economy from oil shocks and oil price volatility,’’ Ori said.

_____

Kageyama reported from Tokyo.

The measures, brought forward by the Department for Work and Pensions (DWP), are designed to remove what ministers say is one of the biggest barriers preventing people from entering employment.

The changes are due to come into force later this month.

What the new law changes

Under the new rules, starting a job will no longer automatically trigger a reassessment of benefits for some claimants.

This applies to people receiving:

• Employment and Support Allowance
• Personal Independence Payment
• The health element of Universal Credit

Claimants will also be able to volunteer without fear of reassessment, a move aimed at helping people build confidence and move gradually towards work.

Why the change is being made

Government figures suggest more than a third of disabled people who want to work feel unable to do so because they fear losing financial support.

There are currently around 2.8 million people out of work due to long-term sickness in the UK.

Ministers say the reforms are intended to provide reassurance that trying a job will not immediately put benefits at risk.

Sir Stephen Timms, minister for social security and disability, said removing that fear is “vital” both for individuals and for the wider economy.

The legislation forms part of a wider package of welfare reforms aimed at increasing employment.

The government says it will invest £3.5 billion in tailored employment support by the end of the decade, alongside programmes designed to help people find and stay in work.

Charities have broadly welcomed the changes, saying they could help rebuild trust in the benefits system.

Mental Health UK said fear of reassessment has long been a major barrier for people considering a return to work.

Mind said the reforms could help people build confidence and skills, particularly with the inclusion of volunteering as a stepping stone into employment.

Meanwhile, Mencap said protecting benefits during the transition into work is “particularly important” for people with learning disabilities.

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Part of wider welfare reform

The changes come alongside other adjustments to the benefits system, including reforms to the health-related element of Universal Credit.

Ministers say these are intended to reduce long-term dependency on welfare while encouraging more people into work.

However, the success of the latest measures may depend on whether they address long-standing concerns among claimants about financial risk and stability.

For many, the question will be whether the new “right to try” work provides enough confidence to take that first step.

The incident took place when a red Ford Ka, which had been reported stolen overnight, collided with a Mercedes Vito taxi today (Sunday, April 12). 

The crash, at the junction of Winterbottom Avenue and Warren Road just before 5.25am, then saw both vehicles strike a pedestrian barrier. 

A 12-year-old boy and a 16-year-old boy in the Ka were injured in the crash, with the older boy losing consciousness and several teeth. 

The younger boy sustained cuts and bruises, and both were taken to the University Hospital of North Tees, in Stockton. 

They have each been arrested on suspicion of several driving offences and will be questioned.

The 49-year-old man driving the Mercedes sustained a head injury and he remains in the University Hospital of North Tees receiving treatment.

It is believed someone else ran from the Ka before officers arrived. 

Cleveland Police is now appealing for anyone with information or any relevant doorbell, dash cam or private CCTV footage who has not yet spoken to police to contact the force on the 101 number or via the website, quoting ref 068120.

If you don’t want to speak to police, please consider passing information anonymously to Crimestoppers online or by phoning them on 0800 555 111.

The 14 and 13-year-olds are missing from the Bangor area

Police are seeking the public’s help to locate two missing teenagers who may have travelled to Dublin.

14-year-old Amber Pollock and 13-year-old Bay Giltrap, who are missing from the Bangor area, are believed to be together and were last seen on Saturday, 11th April.

A PSNI spokesperson said: “Amber is approximately 5ft 6, slim build with long dark hair that has a blonde streak. She has a septum piercing and is believed to be wearing a black hoodie, black tracksuit bottoms and black converse.

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“Amber is believed to be carrying a black backpack which has approximately 20 coloured badges on the main face of the backpack.

“Bay is approximately 5ft 7, slim build with long red/brown hair. They are believed to be wearing black jeans, black boots, black top and a black hat. Bay may also be carrying a Nike bag and a sleeping bag.”

Police enquiries have determined that Amber and Bay boarded an early-morning train on Saturday from Bangor to Grand Central Station in Belfast.

The spokesperson continued: “It is believed Amber and Bay may have travelled to Dublin.

“We are appealing to anyone who may have been on the 11:11am train from Bangor to Belfast and seen two young people matching Amber and Bay’s descriptions or where they may went to after they have disembarked, to get in touch with us.

“If you have any information in relation to their whereabouts, or you believe you may have seen them, please contact police on 101 quoting reference numbers 1309 11/04/25 and 1325 11/04/25.”

For all the latest news, visit the Belfast Live homepage here and sign up to our daily newsletter here.

Jet2 has issued an advisory to passengers

Jet2 has issued a 12-hour check-in alert to passengers with flights booked on the carrier this year.

The UK’s third-largest airline has provided crucial guidance to travellers, encouraging them to check the ‘latest travel information’ on Jet2’s website no less than 12 hours before departure to ensure they are kept fully up to date. The full message to passengers states: “Please check this section of the website at least 12 hours before your flight for the latest flight information. Further information can be found by using the [above] search panel by entering your flight number or route.

“We recommend arriving at the airport at least 2 hours before your scheduled departure time. Please remember – check-in desks close 40 minutes before this.

“In the event of flight disruption our dedicated Operations teams are working hard behind the scenes at our UK-based HQ to get you on your way as soon as possible.”

Jet2 currently flies from approximately 14 UK airports, among them London Gatwick, Luton, and Stansted, as well as Liverpool John Lennon, Belfast International, and Manchester. Those travelling with Jet2 have access to upwards of 75 destinations across Europe and further afield. Jet2 also offers ‘Twilight Check-in’, a free service allowing travellers to deposit hold luggage at the airport the evening before their flight.

This means on the day of travel, you can bypass the check-in desks completely and head straight to security, though availability is dependent on your flight time and departure airport.

Bird lovers could see golden eagles return to England after the Government announced new funding to explore their reintroduction.

Mentioned more than 40 times in Shakespeare’s work, the bird of prey has a huge two-metre wingspan and plays a vital role in keeping the whole ecosystem in balance as an apex predator.

The species was once widespread across England, but it was virtually wiped out by sheep farmers and gamekeepers in the Victorian era, who viewed them as a threat to lambs and game birds.

Only a handful of pairs have been seen in England in the last 150 years, with the last eagle dying in the Lake District in 2016, though they are still found in Scotland.

A study by Forestry England, published on Sunday, found that England now has the capacity to sustain golden eagle populations again.

The paper identified eight potential ‘recovery zones’ as the most suitable areas, mostly in the north of England, although it could take more than a decade until breeding populations are established in the area.

Environment Secretary Emma Reynolds has since approved £1 million in additional funding to help pave the way for a recovery programme.

This could include reintroduction efforts that would see juveniles aged six to eight weeks old released as early as next year.

Ms Reynolds said: ‘This government is committed to protecting and restoring our most threatened native wildlife – and that includes bringing back iconic species like the golden eagle.

‘Backed by £1 million of government funding – we will work alongside partners and communities to make the golden eagle a feature of English landscapes once again.’

In Southern Scotland, golden eagle populations have recovered to record numbers because of a major project to restore their populations in the area.

It is hoped the new funding will help to support these birds in England, coupled with targeted reintroductions.

Forestry England’s research found that Scottish birds could be seen across northern England within 10 years, but it will take longer for breeding golden eagles to become established in England.

Mike Seddon, Forestry England chief executive, said: ‘The detailed findings of our feasibility study will guide us with our partners, Restoring Upland Nature, to take the next steps to explore the recovery of golden eagles in northern England.’

Ministers said the charity Restoring Upland Nature (RUN) will lead the new project alongside other partners, including Forestry England, seeking to replicate the success of the south of Scotland project.

Cat Barlow, RUN chief executive, said: ‘This presents a truly exciting and potentially game-changing moment for the return of golden eagles to Northern England.

‘Our priority will be to listen, to work in partnership, and to ensure that golden eagle recovery supports both nature and the people who manage these landscapes, so that everyone can enjoy the thrill of seeing golden eagles flying high once again across the uplands of the UK.’

The funding comes as part of the £60 million in species recovery funding announced by the Environment Department last week.

It ties into work aimed at meeting the UK’s legally binding target to halt the decline in species abundance by 2030 and reduce species extinction risk by 2042 against 2022 levels.

Get in touch with our news team by emailing us at webnews@metro.co.uk.

For more stories like this, check our news page.

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Wes Streeting has branded Donald Trump’s language as “incendiary, provocative, outrageous” – but insisted people must draw a distinction between what the US president “says and what he does”.

The health secretary launched a tirade against the US president on Sky News’s Sunday Morning With Trevor Phillips programme as he reacted to the rapidly changing picture in the Middle East following the collapse of talks between the US and Iran.

Mr Streeting, who is still being seen as a potential leadership candidate to replace Keir Starmer, praised the prime minister’s refusal to enter the war.

But, unlike Sir Keir, who simply criticised Mr Trump’s values, the health secretary did not hold back on recent statements made by the US president.

The health secretary said: “Over the course of the last week, President Trump has said some pretty bold – in Yes Minister language – incendiary, provocative, outrageous things on social media.

“I think we’ve all come to learn that you judge President Trump through what he does, not just what he says.”

Mr Streeting was also critical of the way the US president has focused very personal attacks on the prime minister, such as comparing him to Neville Chamberlain and saying “he is no Winston Churchill”.

The senior minister said: “You’ve seen some of the criticisms he’s levelled at this country.

“The prime minister has sought throughout the time they’ve both been in office simultaneously to influence effectively, to make sure we’re leveraging the bilateral relationship.”

The health secretary described Nigel Farage as a “plastic patriot” and attacked the Reform UK leader and Tory leader Kemi Badenoch for initially wanting to join Trump in his attack on Iran.

But Mr Streeting admitted disagreements over the Iran war, Greenland and the Chagos Islands deal had “undoubtedly strained things with the Trump administration”.

He added: “But on so many other things, our interests as the UK and the US are intertwined. We are old and close friends, and we’ve got a shared outlook as democratic countries, and we’ve got shared security interests.

”So all of that work, all of that partnership continues to go on. And the point I’m making is you have to distinguish between some of the rhetoric, which people might find shocking, and then the reality.”

It came as Mr Streeting insisted that the long-awaited Defence Investment Plan, which has already been delayed by six months, will be published “shortly”.

He told the BBC that he would not agree to money being redirected from health spending to defence to fund an increase to 3 per cent of GDP to boost military readiness.

He said: “The defence investment plan is coming. It will be published when it is ready, when it is robust, and it is a plan that can be delivered.”

He contrasted that with the “pie in the sky promises” made by the previous Tory government, saying Labour “do action, not words”.

Asked when the spending document will be published, Mr Streeting said: “Shortly. I understand it is being finalised.”

The building society recently issued an update

Nationwide Building Society has shed light on a rule that affects customers accessing services online. The update after a query was raised by a member on social media.

The customer explained that they had switched to a new phone several weeks prior and were unable to activate biometrics on their new device. They asked: “How long is the waiting period to get these back?” Biometric authentication is a security feature that uses a unique personal identifier to verify account access. This can include fingerprint scanning or facial recognition to confirm a user’s identity. In response to the question, Nationwide stated: “If you get a new phone, you’ll need to wait to re-qualify for biometric authentication on that device.”

Regarding how long this can take, the group said: “There’s no set timescale, and we’ll usually notify you by text message when it becomes available.” The building society also pointed the customer towards an information page on the Nationwide website detailing how to set up biometric authentication.

The feature can be set up for everyday banking purposes, allowing customers to log into the app and authorise both small and recurring payments through either the app or internet banking portal. Biometrics can also be used to verify your identity when logging into internet banking.

Customers also have the option to set up biometrics within the app, to provide an extra layer of security for more sensitive transactions. This includes larger payments or resetting your passnumber.

With account biometrics enabled, there will be no need to use your card reader or debit card to log in or make payments. Nationwide recently issued guidance on how to identify counterfeit currency, following reports of fake notes appearing at one of its branches.

Counterfeit cash warning

A spokesperson said: “We are aware of a rise in scammers using fake banking notes to pay people for goods and would urge consumers to always check. Suspected counterfeits should be reported to the police, and guidance is available on the Bank of England website.”

Counterfeit notes frequently feature a thick plastic sticker concealing the hologram, which if peeled away may reveal the words: ‘for props only’. Another indicator that a banknote is fraudulent is if some of the UV numbers can be easily scratched off.

You may also want to look out for features such as the hologram and colour-shifting inks on the bank note, to make sure they appear exactly as they should.

The Point-to-Point meeting has been taking place for more than a century in various locations around the Bedale area, before settling in the parkland of Hornby Castle in 1947.

It takes place each year and sees a series of races with the first being held at 12.30pm.

There was entertainment for all with food vendors, a beer tent and a bouncy castle for kids, with coverage of the Grand National at Aintree as I Am Maximus won the coveted race.

Organisers once again put on a successful event, with the Point-to-Point continuing to prove a popular day out for both racing fans and families alike in the region.

(Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

(Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

From left, Issey Gill, Lucy Gloag, Yasmin Bell, Annabel Hill, Helen Peach, Amy Simes, Clara Levitt and Charlotte Martinson. (Image: STUART BOULTON)

From left, Graham and Lizzie Schofield and Sophie Pedlar. (Image: STUART BOULTON)

From left, Rob Blakey, Alex Dobson and Lydia Wormald. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point. From left, Freya Williams, Isobel Hart, Caroline Hartley, Anabel Nuttall, Evie Boon, Maddie Sinclair, May Smith, Senara Laity, Bethan Robinson, Jess McLeod and Phoebe Eglington. 11.4.2026. Photograph: Stuart Boulton/The Northern Echo (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

From left, Ruby Wilkinson and Lauren Milner. (Image: STUART BOULTON)

From left, Jess Seed, Olivia Greensmith and Holly Scott. (Image: STUART BOULTON)

From left, Ellie Greenway, Abigail Sutton, Harriet Hymas and Lily Watkinson. (Image: STUART BOULTON)

From left, Rupert and Lisa Scales, Jonathan Lawson-Brown and Martin Williams. (Image: STUART BOULTON)

From left, Natasha Ropner, Darcy Wyvill, Mellissa Wyvill, Henry Ropner and Imogen Wyvill. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

From left, Emma Jenks, Arthur York, Alexander and Rose Wyvill. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Gerry and Janet Tvedt (Image: STUART BOULTON)

From left, June, Peter, Eliza and Charlie Barker. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

Bedale point to point 2026. (Image: STUART BOULTON)

The clock was unveiled to the public in 2008 and still gathers crowds who are drawn to its uniqueness

Cambridge is full of many weird and wonderful things. One that can’t be missed is a large gold clock with a grasshopper on top, on the corner junction of Bene’t Street and Trumpington Street.

This is the Corpus Clock, one of the city’s most unique landmarks. Crowds always gather around the clock to admire this striking time piece. It was created by Dr John C Taylor, who studied natural sciences at Cambridge University. It was officially unveiled to the public by Professor Stephen Hawking in September 2008.

What makes the clock unusual is the large grasshopper on top of it, also known as Chronophage or time eater. The large insect on top is an example of the grasshopper escapement mechanism invented in the 1700s by John Harrison, who also invented the marine chronometer that meant sailors could work out longitude.

The clock mouth opens at 30 seconds past each minute, but then closes when the minute is over. Then, when it strikes on the hour, it doesn’t chime like people may think. Instead, its chains rustle and a hammer hits a wooden coffin. Unlike a normal clock, the Corpus Clock has no hands or digital numbers. Instead, it has Vernier slits cut into its face.

In 2023, the clock was vandalised when the glass protecting it was smashed with a hammer. After it was damaged, the landmark was left out of action for nearly two months. However, it made its triumphant return in June of that year. Since then, crowds continue to gather every day to admire this unusual piece.