If Wirth Is Right About a 1970s-Style Oil Crisis, These Retail Stocks Could Take the Biggest Hit This Summer.
Key takeaways
- It was an ugly time, with gasoline lines and high energy prices (for the time period).
- To be fair, the United States isn t as reliant on Middle Eastern oil today as it was in the 1970s.
- Our team just released a report on a little-known company, called an "Indispensable Monopoly," providing the critical technology Nvidia and Intel both need.
Reuben Gregg Brewer, The Motley Fool Mon, May 25, 2026 at 8:35 PM GMT+7 4 min read CVX The oil shortages in the 1970s were terrible, predominantly caused by Middle Eastern countries curtailing deliveries to the United States. It was an ugly time, with gasoline lines and high energy prices (for the time period). Chevron (NYSE: CVX) CEO Mike Wirth just described the current energy market as similar to the one in the 1970s. That could be a big problem for retailers.
To be fair, the United States isn t as reliant on Middle Eastern oil today as it was in the 1970s. So the direct impact on the U.S. market won t be the same. However, countries like Japan, which import a lot of oil from the Middle East, could see a 1970s-style hit, including gasoline lines, if supply disruptions from the ongoing geopolitical conflict in the region continue. But the United States can t entirely avoid the impact, since oil is a commodity. There are fears that high energy prices alone could push the United States and the world into a recession.
Will AI create the world s first trillionaire? Our team just released a report on a little-known company, called an "Indispensable Monopoly," providing the critical technology Nvidia and Intel both need. Continue »