Oil Shock – Energy Crisis Following 1973 war with Israel Following 1973 war with Israel OPEC bars US exports; hikes oil prices OPEC bars US exports; hikes oil prices Price rises from $3 to $18 Price rises from $3 to $18 Tips economy into recession Tips economy into recession Stagflation – new phenomenon Stagflation – new phenomenon Happens again in 1979, Iranian Revolution Happens again in 1979, Iranian Revolution Idea of energy policy gains popularity Idea of energy policy gains popularity Small cars, alternative energy boom Small cars, alternative energy boom Telecommuting is one response Telecommuting is one response
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