1970s energy crisis facts for kids
Real and Nominal price of oil, 1968–2006.
|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.
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In the parlance of recession shapes, the Recession of 1973–75 in the United States could be considered a U-shaped recession, because of its prolonged period of weak growth and contraction. Percent change from preceding period in real gross domestic product (annualized; seasonally adjusted) Source: Average GDP growth 1947–2009Bureau of Economic Analysis
1970s energy crisis Facts for Kids. Kiddle Encyclopedia.