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oil crisis vs oil shock

Both 'oil crisis' and 'oil shock' are correct phrases used in the context of disruptions in the oil market. They are comparable as they both refer to sudden and significant events affecting the oil industry.

Last updated: April 01, 2024 • 473 views

oil crisis

The term 'oil crisis' is commonly used to describe a period of instability or disruption in the oil market, leading to economic and political consequences.

It is used to refer to a situation where there is a shortage of oil supply, leading to price increases, economic challenges, and geopolitical tensions.

Examples:

  • The 1973 oil crisis had a significant impact on the global economy.
  • Countries around the world are preparing for a potential oil crisis.
  • The government is taking measures to prevent an oil crisis.
  • The oil crisis of the 1970s led to changes in energy policies.
  • Experts are analyzing the factors that could trigger an oil crisis.
  • Choice made by the oil crisis of the 70s.
  • Summit of 1971 = it is the oil crisis.
  • The oil crisis in the early 1970s highlighted the problem of dependence on external fuel supply.
  • Moreover, the developing oil crisis makes it necessary to find alternative forms of energy and become independent of oil.
  • In view of the above, what measures is the Commission taking to prevent a possible new oil crisis in Europe?
  • Subject: Risk of an oil crisis
  • Ever since the first oil crisis in 1973 biomass has been considered as an alternative to fossil fuel as a source of energy.
  • He said it is important to avoid the errors made after the first oil crisis in the 1970.
  • It is worth emphasising that, as a consequence of measures introduced following the oil crisis of the 1970s, the sector-specific energy intensity of European industry fell dramatically.
  • Indeed it was also France that come up with the idea of saving energy during the oil crisis.
  • When growth plummeted, TFP fell even faster - a dramatic change that was clearly linked to the 1971 yen appreciation and the 1973 oil crisis.
  • Let us take one case: the tax reduction measures adopted last year as a result of the oil crisis.
  • I remember how in 1980 we had very high priced fuel due to the second oil crisis.
  • "Bicycles are the things to sell," he said at the time - a period marked by recession and the oil crisis.
  • The reality is, virtually no one is prepared for a new and prolonged oil crisis.
  • Although the recession had announced itself in 1974 with the oil crisis, a vigorous economic environment already existed.
  • I do not believe that this proposal would provide an appropriate or effective response in the event of an oil crisis.
  • It is interesting that the first calls for such vital developments were made 30 years ago, during the first oil crisis.
  • In the short term we have to help the direct victims of this oil crisis, but it has to be done with the proper care and focus.
  • The current energy situation, caused primarily by the oil crisis, compels us to seek a prompt solution.

Alternatives:

  • energy crisis
  • fuel crisis
  • petroleum crisis
  • crisis in the oil industry
  • oil supply disruption

oil shock

The term 'oil shock' is also commonly used to describe a sudden and significant event that disrupts the oil market, leading to economic and political repercussions.

It is used to refer to a sudden increase in oil prices or a sudden disruption in oil supply that has far-reaching effects on various sectors of the economy.

Examples:

  • The oil shock of the 1980s had a lasting impact on the global economy.
  • Economists are studying the effects of the recent oil shock.
  • The country is facing an oil shock due to political instability in the region.
  • The government is implementing measures to mitigate the effects of the oil shock.
  • Investors are monitoring the oil market for signs of another oil shock.
  • If we look at the history we see very rapid action following the oil shock in 1973.
  • Moreover, for many of these countries, this is the first slowdown since the first oil shock in 1973 in which the automatic stabilisers have been able to work fully.
  • A worldwide "oil shock" occurred in 1973 as OPEC producers conspired to drive up the price of petroleum.
  • Second-round effects refer to the possibility that, in addition to direct effects, an oil shock may have an impact on inflation if it influences wage bargaining and price-setting behaviours.
  • Business wasn't that great when I left home... but the factory nearly went bankrupt because of the oil shock.
  • In the mid-1970s, after the first oil shock, most industrial economies did not realise that the increase in energy prices had substantially reduced the growth potential of their economies.
  • This would also boost confidence in the global economy in the face of uncertainties caused by the oil shock, global security threats and growing protectionist pressures.
  • This ratio indicates that this divergence is rare because it must go back to the first two oil shock, 30 years ago, to find a similar situation.
  • Here is the graph of electricity in the U.S. since 1949, notice the regularity of growth, only if we manage to detect the presence of first and second oil shock.
  • In order to relieve the burden of sky-high oil prices brought on by the oil shock, it became popular to reduce the size and weight of existing car models.
  • Mr President, Commissioner, ladies and gentlemen, the fisheries sector is certainly the economic sector suffering the most from the current oil shock.
  • This crisis went on for a very long time, also due to the Second Oil Shock of 1979.
  • Until the first oil shock hit in 1973, no fewer than 42 developing countries grew at rates exceeding 2.5% per capita per annum with incomes doubling every 28 years.
  • From the first oil shock - in the mid-1970s - it is possible to gain very clear insights that ought not to be forgotten.
  • The second oil shock and high international interest rates, coupled with a lack of foreign investment, led to significant internal and external imbalances and high levels of foreign debt.
  • Until 1973, coal consumption is stable, then from the first oil shock the world consumption of coal increases, the second oil shock has the same effect on global consumption of coal.
  • In the middle of the oil shock, some 4 companies want official licenses from the Haitian State to drill for oil.
  • whereas in the past days the world economy has suffered a full-scale 'oil shock' which threatens to have a greater impact on the European Union than on the United States,

Alternatives:

  • energy shock
  • fuel shock
  • petroleum shock
  • shock in the oil industry
  • oil price spike

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