What made the worldwide recession in the 1970s even worse?

Question

Quizplus · Accepted Answer

Rapidly-escalating oil prices made the worldwide recession in the 1970s even worse.
Key Takeaway: The Organization of Petroleum Exporting Countries, otherwise known as OPEC, tries to find ways to ensure stabilized prices in international oil markets. OPEC's 1970s embargo on oil greatly affected the energy-dependent economies of the West, rapidly-inflating worldwide oil prices. This made the already-severe worldwide recession even more difficult.

What Made the Worldwide Recession in the 1970s Even Worse