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Laura Panza, Associate Professor, Economic History, The University of Melbourne

This is how the 1970s oil shock played out. There are lessons for the economy today

Oil Economy OPEC Israel Inflation Petrol United States Egypt Petroleum Syria
Cars lined up at a US gas station during the oil shock of 1979. Universal History Archive/Universal Images Group via Getty Images

On October 6 1973, the Yom Kippur War – mainly involving Egypt, Syria and Israel –triggered one of the biggest energy crises of the 20th century. Eleven days later, several Arab members of the Organization of the Petroleum Exporting Countries (OPEC) announced they would stop selling oil to countries supporting Israel and would cut production.

The effect was immediate. Within a few months, global oil prices quadrupled.

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