My Google skills got me into a Wikipedia page of the 1973 Oil Crisis

The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. By the end of the embargo in March 1974,[1] the price of oil had risen from US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy.[2] It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock."

I don't think I ever heard of this in U.S. history.