What Is 1979 Energy Crisis?

The 1979 Energy Crisis refers to the sudden increase in oil prices that occurred after the Iranian Revolution. This event led to an oil embargo by several Arab countries, which caused a major disruption in the global supply of oil. This in turn caused a sharp rise in fuel prices and triggered a worldwide economic recession. The energy crisis had a profound impact on many aspects of society, including transportation, politics, and finance. In the years following the crisis, oil prices remained high, and the world economy struggled to recover. The energy crisis was a major factor in the stagflation of the 1970s and 1980s, as well as the oil glut of the early 1980s.

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