noun
oil crisis; oil shock
Refers to the global economic crisis triggered by oil supply disruptions, especially the 1973 OPEC oil embargo.
1973年の石油ショックは世界経済に大きな影響を与えた。
The 1973 oil crisis had a major impact on the global economy.
Compound of 石油 (sekiyu, 'oil') and ショック (shokku, from English 'shock').