Why Oil Shocks Hit The U.S. Economy Differently Than 20 Years Ago

The escalating Iran conflict is drawing comparisons to the 2003 Iraq war, when oil prices and gasoline costs surged. Fresh fears of supply disruptions through the Strait of Hormuz are rattling global energy markets and fueling inflation concerns. But key differences, including higher interest rates, rising federal debt and the United States’ role as the world’s largest oil producer, could reshape how this geopolitical shock affects households budgets and investor outlook. Chapters: 0:00 Introduction 0:51 Oil in 2003 vs. now 2:33 Interest rates 5:38  Deficit increase? Produced and shot by: Charlotte Morabito Edited by:  Andrea Miller Additional Reporting by: Pippa Stevens, Matt Peterson, Jeff Cox Animation: Jason Reginato, Emily Park, Christina Locopo Senior Director of Video: Lindsey Jacobson Additional Footage: Getty Images » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to get ahead at work with AI? Sign up for CNBC's new online course, Beyond the Basics: How to Use AI to Supercharge Your Work. Learn advanced AI skills like building custom GPTs and using AI agents to boost your productivity today. Sign up today: https://cnb.cx/4qKBe6H Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC on Threads: https://cnb.cx/threads Follow CNBC News on X: https://cnb.cx/FollowCNBC Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC #CNBC What The Iraq War Can Tell Us About Oil Risks Now