Originally Posted by
Beech Dude
The embargo in the 70s, when the spigot actually shut was more of a shock.
Sorry, the "spigot actually (didn't) shut".
1973–74 Shock: Arab oil producers embargoed the US, with production cuts amounting to about 7% of global oil consumption. Oil prices quadrupled in some markets.
1979–80 Shock: The Iranian Revolution led to a decrease of nearly 4.8 million barrels per day, roughly 7% of world production at the time.