oil shock
Fuel supply disruption
An oil shock is a sudden, dramatic change in oil prices—typically a sharp increase—that disrupts economies dependent on petroleum.
The term emerged from the 1973 Arab oil embargo and 1979 Iranian Revolution, when supply disruptions caused prices to spike and triggered recessions in oil-importing nations.
The oil shock of the 1970s reshaped American attitudes toward fuel efficiency.
- petroleumNatural underground hydrocarbon liquid
- crisisDecisive dangerous moment
- embargoOfficial prohibition on trade
- OPECPetroleum exporters' coalition
- gasolineRefined petroleum vehicle fuel
gas lines · shortage · 1973 · energy crisis · prices · energy · Arab · inflation · recession · economic turmoil · rationing · barrel · crude · panic · queues · Middle East · cartel · supply
- Oil Marketspetroleum, OPEC, crude, spot price, refinery
- Energy Crisisgas shortage, fuel crisis, power outage, rolling blackout, energy rationing
- crisescrisis, emergency, disaster, natural disaster, catastrophe
- market risksmarket risk, market crash, market volatility, market correction, market panic
- market shiftsboom, bust, collapse, contraction, correction
- shocksanaphylaxis, electroshock, aftershock