Although the drama of the 1960s was a hard act to follow, the
1970s made its own unique mark on the electrical industry.
Plagued by gasoline shortages, rising energy prices, and
inflation, this decade is most remembered for its energy crisis,
which revealed the nation's dependence on foreign oil and
inspired numerous energy conservation efforts. Aggravated by
these energy problems, unemployment reached 8.5% (the highest
since the Great Depression) in 1975, and inflation was
increasing at an annual rate of 9.5%. The Arab oil embargo in
1973 brought an end to the era of secure, cheap oil. As a result
of the Arab-Israeli War, the Arab oil-producing countries cut
back oil production and imposed trade embargoes on oil shipments
to the United States and the Netherlands. Although these
cutbacks represented only a 7% loss in world supply, they
“created panic on the part of oil companies, consumers, oil
traders, and some governments. Wild bidding for crude oil ensued
when a few producing nations began to auction off s