Answer:
The spike in price caused fuel shortages and long lines at gas stations similar to the 1973 oil crisis. ... Iraq's oil production also dropped significantly, triggering economic recessions worldwide. Oil prices did not return to pre-crisis levels until the mid-1980s.
The basic concepts of socialism are as follows; the main idea is that people should live in an egalitarian society where everybody would contribute as much as he can and take as much as he needs, this would give us a society where everybody would be equally well off and nobody would have less. Everything would also be state owned - this has been a solution that happened in the past.
In my opinion, pure socialism cannot succeed but perhaps using some things from it could be very beneficial.
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Office of budget management and the general accounting office
