That much larger and longer (we hope) crisis occured when the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo in response to U.S. support of Israel during the Yom Kippur war. The embargo went in effect in October 1973 and oil prices immediately jumped from $3 per barrel to $12.

What followed were massive gas shortages and panic, gas stations serving by appointment only to regular customers or closed altogether, and severe restrictiong on electricity use.