Laura Tingle on what saved the global economy

When the Iran war broke out, we were warned of an oil shock not seen since the 1970s when fuel was rationed.  

We were told the price of oil could reach $200 a barrel and airlines might ground planes.  

But that hasn’t happened and now petrol prices are back down to where they were before the war.  

Today the ABC’s Laura Tingle on how China is cushioning the world economy. 

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Laura Tingle, ABC Global Affairs Editor