1973 Oil Crisis
Event that changed the world 1973 - Oil Crisis.
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The 1973 energy crisis, also known as the Oil Shock of 1973–74, was a period of skyrocketing energy prices and fuel shortages resulting from an embargo by Arab oil-producing nations in response to U.S. support for Israel during the Yom Kippur War. During this period, the price of a barrel of oil nearly quadrupled in less than a year.
The embargo was lifted in early 1974, but the economic shock it caused is regarded as a precursor to the rapid inflationary pressures and stagflation experienced later in the 1970s. The oil embargo of 1973 was just one of many complicating factors that led to a decade of high inflation and stagflation in the United States during the ’70s.
Waverley Train Station, Edinburgh
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