Why didn't the oil crisises of the 1970s crash the US economy?

January 1, 1975 Tier 1 and 2 and Tier 3 non-farm workers would receiver another dime increase in the minimum wage and Tier three farm income would receive 20 cents. Getting the idea the Farm laborers would be meeting equity with all other labor in the country?

Those increases would continue until January 1, 1978 when all laborers were receiving the same minimum wage of $2.65 per hour.

Why was it necessary in the 1970s to pay attention to the nation's minimum wage?

Oil prices.

1973 was the oil embargo among Organization of Arab Petroleum Exporting Countries (OAPEC) and in 1979 energy crisis began with the Iranian Revolution. Basically, the changes in global availability drove the price up. The automobile was vital to most laborers and the car industry was the backbone of the American economy. So, while the costs of oil rose, the American minimum wage tried to keep pace so people weren't falling behind in their income and wealth. It also kept the American economy from crashing.

All, be darn. There were Congresses that actually put the American people ahead of drastically high Wall Street profits.