loric was some of the turmoil you refer to related to the Oil...

loric was some of the turmoil you refer to related to the Oil Crisis and oil prices quadrupling?

Also was the loan affair related to the blocking of supply in the Senate, which would stop the government from being able to pay daily government expenses like wages etc.?

Gough Whitlam handed over a surplus to the incoming government, (far from a disaster).



"..Between October 1973 and January 1974 world oil prices quadrupled.
By putting an end to decades of cheap energy, the 1973-74 oil crisis..."

http://bancroft.berkeley.edu/ROHO/projects/debt/oilcrisis.html