The essence of politics was to not act on your impulses. - James Howard Kunstler

The 1973 was the precipitating incident of the OPEC embargo. On October 6, Egyptian and Syrian forces caught the Israeli military off-guard on the most solemn Jewish holiday, when many soldiers were home with their families. Because the Arab-Israeli dispute was commonly viewed as yet another cold war proxy battle, the United States and its allies naturally lined up behind Israel against the Soviet-sponsored aggressors. Egypt’s President Anwar Sadat implored the Saudis and other Muslim states to use the “oil weapon” against Israel’s allies. On October 12, the Saudi-led OPEC demanded of the various Western companies doing business in the Middle East, including Aramco, a 100 percent increase in the posted price of their cartel's oil. The companies stalled for time. On October 16, the Persian Gulf region OPEC members broke off negotiations with the Western oil companies and announced that thereafter they would set prices themselves. On October 17, the Israelis gained the upper hand on the battlefield, thanks in large part to aggressive American resupply efforts, and began to push the Egyptians back across the and the Syrians out of the Golan Heights. [On] the same day, the Arab oil ministers announced an oil embargo on the United States, while increasing prices by 70 percent to western Europe. Overnight, the price of a barrel of oil to these nations rose from $3 to $5.11. On October 19, President Richard M. Nixon announced a military aid package for Israel. The following day, Saudi Arabia retaliated by announcing a total cutoff of oil exports to America.

Paper money is bad enough, as France learned under the tutelage of the rascal John Law in the early 1700s. The nation was broke, exhausted by foolish wars, and heaped under unbearable debt.

Not to say that one would have to go back to a hunter-gatherer [or even a herbivore-insectivore] mode of existence in order to live on a solar budget. Pick any preindustrial culture you like, or pick the best or most relevant parts from any of them to get on with daily life, for instance, the habitations of Edo Japan, the division of labor of the Inca, the diet of the Florentines, the animal husbandry of Georgian England, the costumes of the Ming dynasty. Surely one could contrive life on a solar budget from these modes of daily endeavor and put together a satisfying existence that would amount to being civilized. Anyway, a great many of the useful inventions that made life comfortable and interesting were developed before we began using fossil fuels, quite a few of them in China alone. Add to that some additional knowledge that the human race has acquired since those historical periods, perhaps only the germ theory of disease, and you could enjoy a decent living standard.
Anyway, that’s a theory. History does run backward now and then, and the centers of civilization shift from one place to another, but we've never seen anything like what we face: the crash of a turbocharged cheap energy economy along with an ecological catastrophe perhaps beyond the biblical scale. History is also not symmetrical; you don’t necessarily go down the same way you came, recapitulating earlier arrangements in the same sequence backward. What we might get instead could be just a one-way ticket to Palookaville instead of getting to relive the sixteenth century.