Was the Oil Crisis to blame for poor LP Sales in the '70s?

"Was the Oil Crisis to blame for poor LP Sales in the '70s"?

An excellent question. I was a mastering engineer/recording engineer for the former ABC Recording Studios in the mid to late '70s, and all materials including tape, acetates, lacquers, and vinyl were petroleum products to one extent or another. As a result of the skyrocketing costs of these materials, studios cut out practically all spec recording dates (which would be paid for later if the music generated profits), which made up perhaps 60-70% of all bookings. We engineers, therefore, had a LOT of free time on our hands, which was a total bore. That is one reason among many as to why I left the music business.