[Verse 1]
Nineteen seventy-three, the taps turn down
OPEC squeezes tight, black gold runs dry
Barrels climbing steep from two to twelve
Energy shocks ripple through supply
[Chorus]
Oil up, prices climb
CPI starts its steady climb
Workers see their paychecks shrink
Demand higher wages, that's the link
Spiral spinning round and round
When the taps turn down, down, down
[Verse 2]
Gasoline and heating bills explode
Every trucked-in product costs much more
Groceries, clothing, everything we need
Inflation knocking at America's door
[Chorus]
Oil up, prices climb
CPI starts its steady climb
Workers see their paychecks shrink
Demand higher wages, that's the link
Spiral spinning round and round
When the taps turn down, down, down
[Bridge]
Fed's got choices, none look sweet
Raise those rates, recession's beat
Or print more money, fuel the fire
Wage-price spiral climbing higher
Nixon's freeze can't hold the tide
Economic rules are pushed aside
[Verse 3]
Unions bargain, contracts surge
Cost of living, wages merge
Companies pass expenses on
Customers pay till money's gone
Circle closes, starts again
Stagflation's wicked spin
[Chorus]
Oil up, prices climb
CPI starts its steady climb
Workers see their paychecks shrink
Demand higher wages, that's the link
Spiral spinning round and round
When the taps turn down, down, down
[Outro]
Bretton Woods crumbles in the dust
Golden standard breaks its trust
Nineteen seventy-three's the year
When everything we knew disappeared