For Europe between 1958 and 1973, oil from the Middle East beat every alternative fuel on cost, including domestic oil and coal. By 1973, nearly 75 percent of the European Community’s petroleum ...

Needless to say, the similarities with the first oil crisis in 1973 will suggest to many that a new oil price spike will occur, but this is not your father’s (or mother’s) oil crisis.

Ever wonder why diesel cars exploded in popularity in Europe but not elsewhere? It goes back to 1973: the first oil crisis, when OPEC cut off oil exports. Prices tripled almost overnight. Europe’s ...

Oil also powers less of the US economy these days. In 1975, petroleum accounted for 47% of the energy consumed in the United ...

Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and push prices higher. But don't expect a repeat of the ...

What can the 1973 oil shock teach us? This isn’t the first energy crisis the world has faced. Image: ... Russia reduced supplies of gas to Europe and threatened to cut oil production.

The year 1973 was full of change and entirely groovy. The U.S. pulled out of Vietnam, Roe v. Wade shook up the courts, and ...

And a ‘large disruption’ – featuring a supply fall of 6 million to 8 million bpd (like the drop seen in the 1973 Oil Crisis) – would push the oil price up 56-75 percent. By Simon Watkins ...

The energy crisis of 1979 was one of two oil price shocks during the 1970s—the other was in 1973. Higher prices and concerns about supplies led to panic buying in the gasoline market.

If you want a historical comparison, the roughly tenfold recent surge in European gas prices dwarfs the oil price shocks of 1973-4 and 1979-80, which played a big role in the stagflation of the 1970s.

Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and raise prices. Skip to content. Main Navigation.