1970s Energy Crisis
The same thing happening now with petroleum (aka oil stuff) also occurred in the early 1970s when petroleum had massive shortages, which caused the prices of gas to skyrocket. And it caused a recession in 1973-1975 and then a great one in the early 80s too!
The USA blamed the Iranian Revolution for the price increase for the energy crisis (like how they are blaming Russia now). There was also blame pointed towards OAPEC (the people in charge of petroleum in the Middle East at the time) for halting shipments due to political reasons.
Whatever the reasons were, the USA was the main one responsible for its own issues, but as their government and ours are doing now, they will point fingers and never take responsibility. If they accept responsibility, then they’ll lose votes.
And after it was ‘solved,’ it got a lot worse. Similar to the covid recession ‘ending’ in 2021, the population thought they were safe in the mid-70s. But this was just the layup for an even worse recession right after it because no underlying issues were ever fixed.
Does that mean the recovery from the covid crisis was fake and temporary, like the ’70s crisis? Yup. And again, it caused a recession in 1973-1975 and then a massive one in the 80s. And we printed 614% more dollars this time than in the 80s… bruh