Thirty years later oil is still a big gun

By the time the embargo was lifted, in March 1974, the global economy was devastated. In the U.S., unemployment doubled due to the loss of 500,000 jobs, and GNP declined 6%. Europe and Japan suffered a similar fate. The impact on the developing world, especially the poor, newly created countries in Asia and Africa, was even worse. Countries completely dependent on energy imports suddenly found themselves under heavy debt from which many of them have not been able to recover to this day.

IAGS