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Impact of past turmoil
In the past, several major oil crises occurred:
In 1973, members of Opec (Organisation of Petroleum Exporting Countries) stopped shipping oil to the United States, western Europe and Japan because these nations supported Israel in the Yom Kippur War. The embargo was lifted a few months later but prices quadrupled.
In 1979-80, the nationalisation of Iranian oil refineries, followed by the Iran-Iraq war, had an impact on the supply and prices rose sharply.
In 1990, a short crisis followed Iraq's invasion of Kuwait.
Oil prices dropped in other periods, like the 1980s, as people drove smaller cars, more public transportation networks were built and power plants switched to other sources of energy.
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