[2] 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.

[5] The major industrial centers of the world were forced to contend with escalating issues related to petroleum supply.

In the United States, Texas and Alaska, as well as some other oil-producing areas, experienced major economic booms due to soaring oil prices even as most of the rest of the nation struggled with the stagnant economy.

[8] The Six-Day War of 1967 included an Israeli invasion of the Egyptian Sinai Peninsula, which resulted in Egypt's closure of the Suez Canal for eight years.

[17] The embargo was never effective from Saudi Arabia towards the US, as reported by James E. Akins in interview at 24:10 in the documentary "la face cachée du pétrole part 2".

Lawrence Rocks and Richard Runyon captured the unfolding of these events at the time in The Energy Crisis book.

[21] OAPEC declared it would limit or stop oil shipments to the United States and other countries if they supported Israel in the conflict.

Arab oil producers had also linked the end of the embargo with successful US efforts to create peace in the Middle East, which complicated the situation.

To address these developments, the Nixon Administration began parallel negotiations with both Arab oil producers to end the embargo, and with Egypt, Syria, and Israel to arrange an Israeli pull back from the Sinai and the Golan Heights after the fighting stopped.

The promise of a negotiated settlement between Israel and Syria was sufficient to convince Arab oil producers to lift the embargo in March 1974.

This action followed several years of steep income declines after the recent failure of negotiations with the major Western oil companies earlier in the month.

The 1973 "oil price shock", along with the 1973–1974 stock market crash, have been regarded as the first event since the Great Depression to have a persistent economic effect.

Amid massive protests, the Shah of Iran, Mohammad Reza Pahlavi, fled his country in early 1979, allowing the Ayatollah Khomeini to gain control.

Following these events slowing industrial economies and stabilization of supply and demand caused prices to begin falling in the 1980s.

Other causes that contributed to the recession included the Vietnam War, which turned out costly for the United States and the fall of the Bretton Woods system.

[48] Since Israel's declaration of independence in 1948 this state has found itself in nearly continual conflict with the Arab world and some other predominantly Muslim countries.

The large oil discoveries in the Middle East gave some Muslim countries unique leverage in the world, beginning in the 1960s.

One of the first challenges OPEC faced in the 1970s was the United States' unilaterally pulling out of the Bretton Woods Accord and taking the U.S. off the established Gold Exchange Standard in 1971.

[49] But OPEC still struggled to maintain stability in the region as the negotiations between them and other Western oil companies bore little to no positive results.

The major oil-producing regions of the U.S.—Texas, Oklahoma, Louisiana, Colorado, Wyoming, and Alaska—benefited greatly from the price inflation of the 1970s as did the U.S. oil industry in general.

Following the 1970s, the global energy consumption per capita broke away from its previous trend of rapid growth, instead remaining relatively flat for multiple decades until the next century with the rise of large Asian economy like China.