When the Arab countries used other countries dependency on their oil exports to turn a tactical defeat into a strategic victory
The oil crisis and its effects on the economies of the world can still be felt today
en.wikipedia.org
Like for example, the need to search for alternative energy sources caused a nation that had tsunamis all the time (Japan) to open nuclear power plants. This caused the Fukushima disaster.
Or in Mexico, where the PRI took advantage of this to spike oil prices, which made them a lot of money, but also made the economy over reliant on Oil Exports. The economy was made very innefficient, as unprofitable ventures (which were almost all owned by people in gov, or their family) were kept afloat by government subsidies instead of dying out naturally. Commoners couldn't open businesses easily, so most worked in the informal economy. Once oil prices crashed, so did the economy, which was a major reason why the PRI was finally ousted after 80 years in power. And forced Mexico to diversify it's economy into manufacturing.
Or in the USA, where oil shortages brought massive fear of an energy crisis. If there was no fuel, the economy would be brought to a standstill, as shipments and imports could not reach their destination. Food would rot, unable to be transported to stores. People couldn't drive to work. This still happened, but at a limited scale. The fear was still great enough for America to consider Oil a key strategic resource to secure. This caused America to look for alliances with Oil producing states and deepen existing relations, such as with Saudi Arabia, and was the reason for Invading Iraq after they occupied Kuwait.
The globalization of the economy brought massive prosperity, but also many weaknesses. Our current wellbeing hinges on shipments being delivered. If they aren't, hell will break loose.
