As reported by «Market Leader» (US)
History of Crises: The First Global Energy Crisis of 1973-1974
“The meek shall inherit the earth…But not its mineral rights” Paul Getty
1973 saw the first and severest energy crisis brought about by OPEC countries who reduced oil production. The economic crisis that started in the US in late 1973 significantly surpassed the global economic crisis of 1957-1958 in terms of the number of affected countries, duration, severity and devastation and, in certain aspects, was similar to that of 1929-1933. Besides, over 10 million people were shifted to part-time or laid off by companies. Real income of population fell everywhere. However, the 1973 Oil Crisis boosted oil exports to the West from the Soviet Union and heralded the independence of the USSR and, later, Russia from the oil pipeline and oil dollars.