The international oil price hike by OPEC was an adverse supply shock faced by the U.S.in the 1970s.

International Oil Price

The cost per barrel of crude oil on the global market, influenced by supply and demand, geopolitical events, and other factors.

Adverse Supply Shock

An unexpected event that suddenly decreases the supply of a commodity or service, leading to increased prices and reduced output.

OPEC

OPEC, the Organization of Petroleum Exporting Countries, is an international cartel whose mission is to coordinate and unify the petroleum policies of its member countries to ensure stable oil markets.