1973-74 oil embargo
OPEC members cut oil exports to the US and other Israel allies during the Yom Kippur War. Oil prices quadrupled from about $3 to $12 a barrel, and US inflation hit double digits.
Gas lines, rationing, and a deep recession followed.
The Fed's slow response contributed to a decade of stagflation, ending only after Paul Volcker's aggressive rate hikes in the early 1980s.
Like today, energy-driven inflation is a supply-side shock that central banks struggle to control without triggering a recession.
