Technology was booming. And energy prices were skyrocketing because of the 1973 oil crisis, when barrels of oil—then our most in-demand energy source—quadrupled in price.

The Cardón refinery, Venezuela's second-largest with a capacity of 310,000 barrels per day, shut down after a power outage halted all operations.

Global crude oil prices are now lower than they were before Israel attacked Iran earlier this month. A price spike did occur, but it was short-lived — unlike oil crises of the past.

Global crude oil prices are now lower than they were before Israel attacked Iran earlier this month. A price spike did occur, but it was short-lived — unlike oil crises of the past.