What major event in 1973 contributed to a decline in American confidence in the economy?

The event that contributed significantly to a decline in American confidence in the economy in 1973 was the OPEC oil embargo. During this period, the Organization of Arab Petroleum Exporting Countries (OPEC) imposed an oil embargo that led to a dramatic increase in oil prices and widespread fuel shortages in the United States. This crisis not only affected consumer prices but also spurred inflation and contributed to the onset of a recession, eroding public confidence in the government's ability to manage the economy.

In context, the end of the Vietnam War, while impactful in other ways, did not have the same immediate economic repercussions as the oil crisis. The Watergate Scandal significantly shook political trust but did not directly create economic turmoil. The Apollo moon landing, while a monumental achievement, was unrelated to economic issues and therefore did not affect confidence in economic management. The oil embargo, on the other hand, was a pivotal moment that highlighted vulnerabilities in the U.S. economy and altered perceptions regarding energy independence and economic stability.