What was the name given to the oil boom of the late 1970s?

What was the name given to the oil boom of the late 1970s?

• A. First Oil Crisis
• B. Second Oil Shock
• C. Oil Glut
• D. Energy Boom

Answer: (B)

The event described is best labeled as the Second Oil Shock. After the Iranian Revolution in 1979, oil supplies were disrupted and OPEC restricted exports, causing a rapid and broad spike in world oil prices. This pattern of a sudden price surge and supply concern is what “oil shock” captures, and the sequence of shocks is traditionally divided into two major periods: the first in 1973–74 and the second in 1979. The term “Oil Glut” would imply excess supply and falling prices, which didn’t characterize the late 1970s, and “Energy Boom” isn’t the standard name historians use for this price surge.

The event described is best labeled as the Second Oil Shock. After the Iranian Revolution in 1979, oil supplies were disrupted and OPEC restricted exports, causing a rapid and broad spike in world oil prices. This pattern of a sudden price surge and supply concern is what “oil shock” captures, and the sequence of shocks is traditionally divided into two major periods: the first in 1973–74 and the second in 1979. The term “Oil Glut” would imply excess supply and falling prices, which didn’t characterize the late 1970s, and “Energy Boom” isn’t the standard name historians use for this price surge.