Oil Panic

...Furthermore, the so-called triple whammy (trilemma) of (1) accelerating inflation, (2) increased income transfers to overseas due to increased oil import payments, which leads to a decrease in domestic demand, resulting in recession and unemployment, and (3) a worsening balance of payments. The quantitative cuts in oil supply during the first oil crisis were not so large in retrospect, but they caused an oil panic among oil-importing countries, particularly Japan, which had naively believed that oil was cheap and could be supplied in sufficient quantities. In Japan, the government took measures such as reducing electricity and oil supply by 10% to 11 industries from November, requesting private citizens to reduce energy consumption (restricting private cars, stopping neon lights, moving up TV broadcast times, etc.), and sending Deputy Prime Minister Takeo Miki as a government envoy to Arab countries (to have them change from being treated as unfriendly countries to being friendly countries)....

*Some of the terminology that refers to "oil panic" is listed below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

…さらに価格の高騰は，(1)インフレの加速化，(2)石油輸入支払代金増加による海外への所得移転の増大→国内需要の減少→不況･失業，(3)国際収支の悪化，といういわゆる三重苦(トリレンマ)をもたらすことになる。第1次石油危機における石油供給の量的削減は，事後的にみればそれほど大きくはなかったが，石油は安価で量的にも必要なだけ供給されると安易に信じ込んできた日本を中心とする石油輸入国側に，石油パニック(オイル･パニック)というべき事態を発生させた。日本では，政府によって11月以降，11業種に対する電力･石油の10％供給削減措置，民間へのエネルギー節減要請(マイカー自粛，ネオン中止，テレビ放映時間の繰上げ等)，三木武夫副総理を政府特使としてアラブ各国に派遣(非友好国扱いから友好国扱いにしてもらうため)等の措置がとられた。…

※「オイル・パニック」について言及している用語解説の一部を掲載しています。

出典｜株式会社平凡社世界大百科事典 第２版について | 情報