1970s energy crisis

A period of oil shortages and sharp price increases that disrupted industrial economies during the 1970s, especially in 1973–1974 and 1979.

Organization of the Petroleum Exporting Countries: An intergovernmental organization of oil-exporting countries that coordinates petroleum policies. OPEC members used production cuts and export restrictions to exert leverage in 1973.
Stagflation: The coexistence of high inflation, weak economic growth, and elevated unemployment. Rising energy costs helped intensify inflation while economic activity weakened.
Henry Kissinger: An American diplomat who served as national security adviser and secretary of state under Presidents Nixon and Ford. He directed U.S. diplomacy during the 1973 Arab oil embargo.
1973 oil crisis: An oil embargo and production cuts by Arab members of OPEC that sharply raised prices in 1973–1974. It was driven by an organized embargo, unlike the revolution-driven disruption of 1979.
International Energy Agency: An intergovernmental organization founded in 1974 to coordinate energy security among member countries. Its creation institutionalized cooperation among oil-importing countries after the first shock.
Oil embargo: A government-imposed restriction on oil exports to selected countries. The 1973 embargo made geopolitical conflict an immediate source of supply disruption.
Energy conservation: Reducing energy consumption through changes in behavior, technology, or policy. Shortages and high prices made efficiency and reduced consumption urgent goals.
Anwar Sadat: The president of Egypt from 1970 until his assassination in 1981. Egypt’s 1973 war with Israel preceded the Arab oil producers’ embargo.
1979 energy crisis: A disruption in oil production and exports during the Iranian Revolution that drove another major price surge. It arose from political upheaval and falling output, rather than a coordinated embargo.
Energy security: The reliable availability of energy at affordable prices. The crisis made secure supply a central concern of national policy.

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