In the early 1970s, it was clear that the world economy was facing recession and that the four-fold increase in crude-oil prices by OPEC, a monetary crisis, and inflation were the main reasons for such a trend. The four-fold increase in crude-oil prices in 1974, which was intensified in 1979, is why 1974 and 1979 are called the years of “the first” and “the second crude-oil shock”, respectively. Increases in crude-oil prices had an effect on all importing countries, more precisely on their economic development. This effect depended on the quantity of oil that was being imported and on the possibility of substituting liquid fuel with solid.
