Ölkrisen

Ölkrisen is the term used to describe periods of sharp increases in crude oil prices and disruptions to supply that have had large-scale economic and political consequences. The most significant episodes occurred in the 1970s, notably 1973–1974 and 1979–1980, though price volatility in oil markets has recurred at other times.

The 1973–1974 crisis followed actions by the Organization of the Petroleum Exporting Countries (OPEC) after many Western states supported Israel in the Yom Kippur War. An embargo and production cuts led to a steep rise in oil prices, fueling fuel shortages and long lines at gas stations in many countries. The 1979–1980 crisis was triggered by the Iranian Revolution, which disrupted supply again and caused a further surge in prices and volatility.

The crises had broad economic and social effects. Inflation tended to rise, real economic growth slowed, and unemployment increased in affected economies. They also prompted governments to reconsider energy policy, promote energy conservation, diversify energy supplies, and expand strategic petroleum reserves. Automotive and industrial sectors faced higher costs and pressure to improve energy efficiency, while some nations invested more in alternative energy sources and nuclear power.

In contemporary usage, Ölkrisen (the German term) or oil crises continue to denote episodic spikes in oil prices tied to geopolitical events, supply disruptions, or shifts in demand. The events of the 1970s remain a reference point for discussions of energy security, price shocks, and national energy policy.