ABSTRACT
Much of the economic growth in the post-World War II era was based on cheap energy. In order to better understand the meaning of the energy crisis, it is necessary to underline the peculiar characteristics of petroleum, as a raw material of not only economic, but also political and strategic importance. During the 1960s, oil prices diminished progressively in real terms. This made possible the penetration of petroleum as the predominant energy source in Western Europe and Japan. The role played by the oil companies is intimately tied to the actions by the Western European and US governments in regards to the energy crisis. The sources of oil imports on which the United States relied became increasingly less secure and more politically explosive. During 1976, Canada reduced its oil exports to the United States. The energy crisis represents a danger to the United States from two sources: domestic malaise and foreign strategic dependence.
