How did globalization, inflation, and an oil embargo lead to a recession in the 1970s?

In economics, stagflation is a situation in which the inflation rate is high and the economic growth rate slows down and unemployment remains steadily high. It raises a dilemma for economic policy since actions designed to lower inflation or reduce unemployment may actually worsen economic growth. 
The 1970s oil crisis really began in 1973. What we see in this crisis is the fact that prices of commodities like oil play a much more vital role in our economy than most think. The world needs so much oil every day to run, and will literally need to pay whatever it costs, or it will cease to run.

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