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!
1970s Energy Crisis
1970s Energy Crisis
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!