Then we were heading into recession, oil shock, Nixon's demise, a real estate bubble.
Even a temporary closure would imply a disruption to dwarf any previous oil shock.
Then came the oil shock and recession, which taught Taiyo to spread its risks.
The oil shock has also exposed another long-standing vulnerability: Mexico's dependence on fickle foreign capital.
The monthly drop was the biggest since 1973, the year of the first oil shock.
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Even those old enough to remember often confuse the two elements of the oil shock of 1973-74.
In 1975 to 1983, when we had an oil shock, we decreased our consumption by 1 billion barrels.
Although the sliding pound has been pushing up import prices fast, the oil shock is subsiding remarkably swiftly.
Even during the oil shock of the mid-1970s, world output continued to expand by almost 2% a year.
Meanwhile, the oil shock, several recessions and fierce competition from Japan scraped the shine off the American car industry.
Likewise, debased dollars wobble the scale at the point of exchange and push commodities up a la an oil shock.
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Like the British and Italians, but unlike the Germans, he tried to spend his way out of the 1973 oil shock.
Anything could trigger the next eruption: the forthcoming fiscal cliff, terrorism, an oil shock due to devalued dollars or Middle East turmoil.
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In fact, it could be a mere staging post on the way to far higher prices and perhaps to a true oil shock.
What's more, oil's share of the global energy market is down from almost 50% at the time of the oil shock of 1973.
The potential threat to the economy may hinge on how well Americans have adapted in the wake of the oil shock of 2007-08.
Yardeni matter-of-factly compares the Y2K problem to the '73-'74 oil shock and he is currently predicting a 40% chance of a global recession because of this problem.
If we could slash the amount of oil consumed by transportation, we could substantially dampen the effect of what seems like an inevitable oil shock over the next decade.
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Large oil and natural gas were first discovered in the North Sea during the oil and gas exploration boom that followed the first oil shock in the early '70s.
In the 1970s, for instance, the investment return was much higher than the market return, as the oil shock and the subsequent years of stagflation caused a stampede out of equities.
In the process, diesel is becoming less of a dirty word a relic of Detroit's hastily converted petrol engines that were pressed into service as passenger diesels in the aftermath of the 1973 oil shock.
The IEA was founded after the 1973 oil shock and has been criticized in the past for its lack of attention to renewables, so this announcement marks a coming of age of the renewable energy sector.
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If these seem like momentous days, consider the year 1979: the second great oil shock, the ascension of Margaret Thatcher, the appointment of Paul Volcker to head the U.S. Federal Reserve, the Soviet invasion of Afghanistan.
The analysis shows that national income per head dropped much more sharply in the four years to mid-2012 than it did after the recession which came in the wake of the Winter of Discontent and the 1979 oil shock.
Historically, it has taken some form of external shock or pressure from overseas, known as gaiatsu, to induce rapid and profound change in Japan (as a result of the 1970s oil shock, for example, Japan started liberalising its finance industry).
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After the first oil shock in 1973 it didn't take long for Americans to return to their gas-guzzling ways, with a preference for large cars and big V8 engines, says automotive analyst John Wolkonowicz, of consultant Global Insight in Lexington, Mass.
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