Africa: The First Oil Shock - February 1974 and the Making of Our Times

[African Arguments] Triggered by the 1973 Yom Kippur war, an unprecedented surge in global oil prices took hold the following year. Spiralling inflation forced workers, students and soldiers onto the street, toppling governments from Addis Ababa to Niamey. With the end of cheap oil, Africa's liberatory march, already faltering, entered an era of prolonged crisis - not unlike the present one.