[Answer] Were the two oil crises in the 1970s linked to deflation or inflation?

Were the two oil crises in the 1970s linked to deflation or inflation?

The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis when the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports. The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s. World oil production …

Wed Sep 09 2009 14:30:00 GMT-0400 (Eastern Daylight Time) · Among the causes were the 1973 oil crisis and the fall of the Bretton Woods system after the Nixon Shock. The emergence of newly industrialized countries increased competition in the metal industry triggering a steel crisis where industrial core areas in North America and Europe were forced to re-structure. The 1973–74 stock market crash made the recession evident.

1973 oil crisis – Wikipedia

Stagflation – Wikipedia

1970s energy crisis – Wikipedia

The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo.The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War. The initial nations targeted were Canada Japan the Netherlands the United Kingdom and the United States with the embargo also later extended to …

The second major shock was the 1973 oil crisis when the Organization of Petroleum Exporting Countries constrained the worldwide supply of oil. Both events combined with the overall energy shortage that characterized the 1970s resulted in actual or relative scarcity of raw materials. The price controls resulted in shortages at the point of purchase causing for example queues of consumers at fuelling …

Oil crisis. Japan faced a severe economic challenge in the mid-1970s. The 1973 oil crisis shocked an economy that had become dependent on import…