I read that in the 70s of the last century there was a similar situation - the Arab countries imposed an embargo on the supply of energy carriers to Europe.
You are not wrong. There are many similarities. That economical crisis also didn't begin with the energy crisis/embargo but it was part of it (from the middle).
1. That crisis started in early 70's. Maybe we could put the start in 71 when the monetary system falls apart (Bretton Woods system). Similar to this time where it started in 2019 when the monetary system starts falling apart followed by a pandemic.
2. By the end of 73 the economic crisis has grown so big that it leads to the complete stock market collapse which they refer to as "biggest market meltdown since the Great Depression" specially in UK.
This is similar to what happened a couple of years ago and the stock market hasn't yet recovered completely and it is still seeing big dumps.
3. Nixon in US has been fucking US economy ever since 1969 that is also being poured into Europe affecting their economy too. US dollar is also dumping at this point specially starting in 71 continued to 74 when the world finds out they've been lied to and dollar is not backed by gold at all. Oil is priced in dollar making the economic crisis even worse.
Similar to the past ~5 years that US economy has been struggling with increasing inflation, recession, unemployment, trade deficits, budget deficit, increased national debt, etc.
4. There is a war in the oil rich West Asia and Roughly in 74 they place the embargo on oil only on a handful of countries (US, Canada, Japan, UK and Netherlands) for supporting a terrorist organization commonly known as Israel.
Similar to 2022 where Russia reduced its exports to some European countries that were already struggling with economic crisis.
And this led to an economic crisis in Europe, in particular in Germany.
Wasn't Germany making a lot of money by increasing their car sales? In fact them and Japan effectively killed US car industry in those days exactly because of the shit that was going on!
The Germans and other Europeans accepted this challenge with dignity and reduced their gas consumption at home.
The crisis eventually passed but I wouldn't use the word "dignity" explaining it.
Did you know they rationed energy and imposed prison sentences for anybody who used more than their ration? Kind of like what Switzerland has been planning with their temperature laws (up to 3 years in prison with a 19 degree temp cap). Luckily this year the temps didn't drop that low and they had shut down enough industries that the law wasn't enforced (AFAICT).
Also as I mentioned above a ton of industries (like the American automobile industry) turned to dust. Kind of like today with de-industrialization of Europe.
History truly repeats itself...