1970s energy crisis in the context of "Yom Kippur War"

The Organization of the Petroleum Exporting Countries (OPEC /ˈoʊpɛk/ OH-pek) is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The organization, which currently comprises 12 member countries, accounted for 38 percent of global oil production, according to a 2022 report. Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.

In a series of steps in the 1960s and 1970s, OPEC restructured the global system of oil production in favor of oil-producing states and away from an oligopoly of dominant Anglo-American oil firms (the "Seven Sisters"). In the 1970s, restrictions in oil production led to a dramatic rise in oil prices with long-lasting and far-reaching consequences for the global economy. Since the 1980s, OPEC has had a limited impact on world oil-supply and oil-price stability, as there is frequent cheating by members on their commitments to one another, and as member commitments reflect what they would do even in the absence of OPEC.

The Altamont Pass wind farm is located in the Altamont Pass of the Diablo Range in Northern California. It is one of the earliest wind farms in the United States. The first wind turbines were placed on the Altamont in the early 1980s by Fayette Manufacturing Corporation, on land owned by cattle rancher Joe Jess. The wind farm is composed of 4,930 relatively small wind turbines of various types, making it at one time the largest wind farm in the world in terms of capacity.

Altamont Pass is still one of the largest concentration of wind turbines in the world, with a capacity of 576 megawatts (MW), producing about 125 MW on average and 1.1 terawatt-hours (TWh) yearly. They were installed after the 1970s energy crisis in response to favorable tax policies for investors.

State socialism is a political and economic ideology within the socialist movement that advocates state ownership of the means of production. This is intended either as a temporary measure, or as a characteristic of socialism in the transition from the capitalist to the socialist mode of production or to a communist society. State socialism was first theorised by Ferdinand Lassalle. It advocates a planned economy controlled by the state in which all industries and natural resources are state-owned.

Aside from anarchists and other libertarian socialists, there was, in the past, confidence amongst socialists in the concept of state socialism as being the most effective form of socialism. Some early social democrats in the late 19th century and early 20th century, such as the Fabians, claimed that British society was already mostly socialist and that the economy was significantly socialist through government-run enterprises created by conservative and liberal governments which could be run for the interests of the people through their representatives' influence, an argument reinvoked by some socialists in post-war Britain. State socialism declined starting in the 1970s, with stagflation during the 1970s energy crisis, the rise of neoliberalism and later with the fall of state socialist nations in the Eastern Bloc during the Revolutions of 1989 and the fall of the Soviet Union.