A crisis associated with the oil industry; specifically the world economic crisis of 1973–4 precipitated by large increases in crude oil prices, together with production cuts and export embargoes, by the Organization of Petroleum-Exporting Countries.
Origin
1920s; earliest use found in American Journal of International Law.
Definition of oil crisis in US English:
oil crisis
noun
A crisis associated with the oil industry; specifically the world economic crisis of 1973–4 precipitated by large increases in crude oil prices, together with production cuts and export embargoes, by the Organization of Petroleum-Exporting Countries.
Origin
1920s; earliest use found in American Journal of International Law.