The Last Oil Shock

"The Last Oil Shock" refers to the 1973 oil crisis when Middle Eastern countries, primarily members of OPEC, limited oil exports in response to geopolitical tensions, notably the Yom Kippur War. This led to a sharp rise in oil prices worldwide, causing economic disruptions like inflation, fuel shortages, and changes in energy policies. It highlighted the world's dependence on oil and prompted efforts to find alternative energy sources and improve energy efficiency. The crisis marked a significant turning point in global energy history, emphasizing the vulnerabilities of a heavily oil-dependent economy.