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This excerpt from president carter's "crisis of confidence" speech given in 1979 is best referencing what event?

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Jimmy Carter's speech about a "crisis in confidence" in 1979 was about the energy crisis and the cuts to oil production of OPEC still in effect from when they were implemented in 1973 and its recessionary effect on the United States.

President Carter's "crisis of confidence" speech was prompted by the nation's energy crisis and recession. President Carter, himself a deeply religious man, put forth the idea that America's dilemma was at its root a moral and spiritual issue.  A lack of “moral and spiritual confidence,” as he put it, meant that Americans were finding themselves too weak to pull themselves up out of their economic malaise.  He also accepted a share of the blame himself, for not being strong enough in his leadership on issues like energy consumption and use of oil resources.