Annual growth of industrial production in select OECD countries 1971-1978

The recession of 1973-1975 saw the annual growth of industrial output plummet in most developed economies. Japan in particular saw its growth fall from highs of almost 16 percent in 1973 to a negative of -10 percent in 1975. Massive industrialization in developed economies in the 1950s and 1960s led to a higher demand for fossil fuels, with growth eventually relying on foreign oil imports from the Middle East. When the Arab OPEC countries placed an embargo on Israel's allies (or perceived allies) during the 1973 Arab-Israeli War, oil prices soared and the western dependency on Arab oil became evident.