Last Updated on June 30, 2025 by Matt Staff The 1970s oil crisis hit everyone with the gravity of an empty-tank warning light ...

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And a ‘large disruption’ – featuring a supply fall of 6 million to 8 million bpd (like the drop seen in the 1973 Oil Crisis) – would push the oil price up 56-75%.

Consider the numbers. Roughly 20% of the world’s daily oil supply – 20 million barrels accounting for nearly 30% of world oil trade – flows through the Strait of Hormuz, the narrow chokepoint ...

In 1973, in the face of a debilitating energy crisis, President Richard M. Nixon lit a National Christmas Tree sporting just a single light.

And a ‘large disruption’ – featuring a supply fall of 6 million to 8 million bpd (like the drop seen in the 1973 Oil Crisis) – would push the oil price up 56-75 percent.