1970s energy crisis

1970s energy crisis

Real and Nominal price of oil, 1968–2006.
Date	1973 (1973)–1980 (1980)
Also known as	1970s oil crisis

The 1970s energy crisis happened when the Western world, mainly in the United States, Canada, Western Europe, Australia, and New Zealand, faced large petroleum shortages as well as inflated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when the Yom Kippur War and the Iranian Revolution caused an interruptions in Middle Eastern oil exports.