25. The 1970s’ Gas and Oil Shortages
If you weren’t around in the mid-1970s, you’ve probably heard about how bad things were in the United States.
Not only had the nation lost the war in Vietnam, there was the little matter of President Richard Nixon.
In the midst of all this, there was an embargo on oil shipments to the U.S. from the Organization of Petroleum Exporting Countries (OPEC) as a way of retaliating for the U.S. supplying the Israeli military.
Other countries also saw their oil and gasoline supplies dwindle to next to nothing. This led to long lines at gas stations as people tried to fill their tanks, or even just get a few gallons to get buy.
Prices for what was available skyrocketed. The price of a barrel of oil rose to four times the original value, all while the value of the U.S. dollar plummeted. Things didn’t normalize until early 1974.