Now we are looking on the crossword clue for: Oil crisis?.
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Possible Answers: ACNE.
Last seen on: NY Times Crossword 3 Dec 2017, Sunday
Random information on the term “Oil crisis?”:
The 1970s energy crisis was a period when the major industrial countries of the world, particularly the United States, Canada, Western Europe, Japan, Australia, and New Zealand, faced substantial petroleum shortages, real and perceived, as well as elevated prices. 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 per capita began a long-term decline after 1979.
The major industrial centers of the world were forced to contend with escalating issues related to petroleum supply. Western countries relied on the resources of potentially unfriendly countries in the Middle East and other parts of the world.
The crisis led to stagnant economic growth in many countries as oil prices surged. Although there were genuine concerns with supply, part of the run-up in prices resulted from the perception of a crisis. The combination of stagnant growth and price inflation during this era led to the coinage of the term stagflation.