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 • 496 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.

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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.