öljykriisiin

öljykriisi refers to a period of significant disruption in the global oil supply or a sharp increase in oil prices. Historically, the most well-known instances are the oil crises of the 1970s.

The first major oil crisis occurred in 1973 when the Organization of Arab Petroleum Exporting Countries (OAPEC), led by Saudi Arabia, declared an oil embargo against nations perceived as supporting Israel during the Yom Kippur War. This led to a quadrupling of oil prices and widespread fuel shortages, particularly in the United States and Western Europe. The embargo lasted until March 1974.

A second major oil crisis followed in 1979, triggered by the Iranian Revolution. The disruption of Iranian oil production and subsequent panic led to another surge in global oil prices. This crisis highlighted the vulnerability of economies dependent on oil imports.

These oil crises had profound and lasting effects. They spurred increased efforts towards energy conservation, the development of alternative energy sources, and the exploration of new oil reserves outside of OPEC-controlled regions. Governments implemented policies to reduce oil consumption and improve energy efficiency. The economic impact included recession, inflation, and a shift in global economic power. The events of the 1970s fundamentally reshaped international energy policy and fostered a greater awareness of the strategic importance of oil. Subsequent smaller disruptions and price volatility have also been referred to as oil crises, though typically less severe than those of the 1970s.