Oil Shortage of the 1970s
... With the flourishing fun of “doing your own thing” in the 1970s, a setback surely was notable. In 1973, the Organization of Petroleum Exporting Countries (OPEC) refused to sell oil to the United States. ... This restriction to the US caused an oil storage, because most of the oil imported was received from the OPEC. The oil shortage caused an energy crisis. Fuel prices were at an extreme because gasoline and other fuels are produced from oil. Oil was also needed to produce electricity and manufacture products, so that when oil prices rose, so did the price of American goods (USPS).