Then vs. Now: What the 1974 oil shock teaches us about today’s energy economy
March 27, 2026
(By Oil & Gas 360) – The 1974 oil price shock remains one of the defining moments in modern economic history. Triggered by the Organization of the Petroleum Exporting Countries (OPEC) oil embargo following the Yom Kippur War, crude prices quadrupled in a matter of months. It exposed deep structural vulnerabilities in Western economies and reshaped global energy policy for
