An oil embargo nearly quadrupled prices and gave economists 'stagflation'

In 1973, OPEC states cut off oil exports to countries backing Israel in the Yom Kippur War, and prices roughly quadrupled within months. Economies that had never seen inflation and unemployment rise together got both at once, breaking the assumed tradeoff between them. The shock reshaped energy policy and macroeconomics for a generation.

— Daniel Yergin, The Prize: The Epic Quest for Oil, Money, and Power — Simon & Schuster, 1991
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