oil crisis
Fuel supply emergency
An oil crisis is a period of severe petroleum shortage or price spike that disrupts economies and daily life.
The term typically evokes the 1973 Arab oil embargo and the 1979 Iranian Revolution crisis, when fuel shortages led to long lines at gas stations and soaring prices across Western nations.
More broadly, any sudden disruption to oil supply or dramatic price increase that threatens economic stability may be called an oil crisis.
The oil crisis forced automakers to develop more fuel-efficient vehicles.
- discoSeventies dance music
- Jimmy CarterGeorgia governor turned president
- embargoOfficial prohibition on trade
- Iranian Revolution1979 regime change establishing theocracy
- stagflationStagnant growth meets inflation
energy conservation · fuel rationing · strategic reserves · recession · geopolitics · price controls · jerrycan · resource depletion · speed limit · Yom Kippur War · OPEC · ration · sanctions · gas lines · panic · public protests · barrel · market speculation
- 1970sdisco, Watergate, Nixon, Vietnam War, Saturday Night Fever
- crisesemergency, disaster, natural disaster, catastrophe, calamity
- economic historystock market crash, Industrial Revolution, trade routes, Great Depression, gold standard
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oil crisisenergy security
Assured access to fuel
price stability · economic prosperity · economic boom · market stability · consumer confidence