Map of italy texas for Even the United States, the country closest to being oil self-sufficient, felt the effects. The economic consequences were the worst since the 1930s, marked by high inflation, lower living standards, and high unemployment, which hit 13 percent in Western Europe. Thus, the oil shock contributed to the end of the post World War II economic boom. There was some recovery by 1976. However, the fundamentalist Islamic Revolution in Iran led to higher prices again in 1979. By 1982, however, oil prices began to decline due to efforts of the industrialized nations to reduce their dependence on OPEC oil. Furthermore, unity among the OPEC countries faltered, especially with the outbreak of the Iran-Iraq War in 1980. Map of italy texas 2016.