The oil crisis of 1973 was one of the economic recessions in the United States.

Beginning on September 15, 1975, the oil crisis was the result of OAPEC members,
including the OPEC oil exporting organization and two countries, Egypt and Syria,
implementing an oil embargo against the United States and other countries that support
Israel in its wars with Egypt and Syria. Earlier in 1971, the US withdrew from the Bretton
Woods Monetary System that is a system of common rules between great powers in
which the price of gold was pegged solely to the dollar at $35 an ounce, and the released
floating dollar is the precondition for the crisis.
The reason is that the Bretton Woods system has limited spending activities in the United
States and the world because the amount of gold is limited while the demand for money is
much larger. The US printing money to finance the Vietnam War or aid other countries
caused the dollar to depreciate, and increase inflation. To eliminate the above
unreasonableness, in August 1971, President Nixon had to completely withdraw from the
Bretton Woods system and proceed to float the currency. The above adjustment caused
the income of oil exporting countries to decrease and these countries are forced to make
adjustments to increase oil prices.
As a result of the oil embargo, the price of oil in the world market was increased five
times from less than 20 dollars a barrel in 1971 to 100 dollars a barrel in 1979, the
average price of gasoline in the US also increased by 86% only in one year from 1973-
1974. The crisis also hit global financial and stock markets, which were already under
pressure after the collapse of the Bretton Woods Regime. The US stock market
evaporated $97 billion, a huge amount at the time, in just a month and a half. Recession
and inflation were rampant, affecting the US economy and many other countries until the
1980s.
Not stopping there, the oil crisis has created a major change in Western policy, focusing
on finding and conserving natural energy, as well as setting stricter monetary regulations
to counter inflation.

On the contrary, the above event contributed to a significant change in the political and
economic position of oil exporting countries, especially Arab countries in the Middle
East.