Oil Crisis
The term "Oil Crisis" refers to a period of significant disruption in the supply and pricing of oil, often leading to economic challenges. Notable examples include the 1973 Oil Crisis, when OPEC (the Organization of the Petroleum Exporting Countries) imposed an oil embargo, causing prices to soar and leading to fuel shortages in many countries.
Another major event was the 1979 Oil Crisis, triggered by the Iranian Revolution, which further destabilized oil supplies and resulted in long lines at gas stations. These crises highlighted the world's dependence on oil and prompted efforts to find alternative energy sources and improve energy efficiency.