Oljekris

Oljekris, or oil crisis, is a term used to describe periods when disruptions to crude oil supply and sharp price increases create broad economic and political stress. While oil shocks have occurred at various times, the phrase is most closely associated with the major crises of the 1970s, which exposed global dependence on oil and the vulnerability of economies to energy price volatility.

The most prominent episodes occurred in the 1973–1974 and 1979–1980 periods. The 1973 crisis followed an OPEC-led embargo in response to the Yom Kippur War, causing a rapid rise in oil prices, supply shortages in many countries, and economic disruption such as inflation and slower growth. The 1979 crisis stemmed from the Iranian Revolution and ensuing production disruptions, leading to another round of price spikes and renewed concerns about energy security. These events highlighted the intense sensitivity of modern economies to oil supply disruptions and created a new focus on energy strategy.

Impacts of oljekris included higher inflation, slower GDP growth, and changes in consumer behavior and industry practices. In response, many countries established strategic petroleum reserves, expanded fuel efficiency programs, and accelerated investment in alternative energies and diversified energy supplies. Policymakers also strengthened energy diplomacy and created long-term planning to mitigate future shocks.

Today, oil markets remain susceptible to geopolitical tensions and supply constraints, but responses from earlier crises shaped energy policy, infrastructure, and market resilience. The term oljekris remains a reference point in discussions of energy security, price volatility, and macroeconomic risk.