One of the best places to start is StoryCorps.org, a website devoted to family oral histories. You can listen to interviews and get some ideas on conducting your own.
For news events of the time, a timeline is helpful. Go to the Library homepage and choose "Research by Subject", and then Reference. Select "Credo Reference" and do a search for "timelines". You should find one for the 1970s.
You might also search the Academic Search Premier database for article on events in the US and Italy: (Italy AND politics AND 1970s); (Italy and economy and 1970s); "United States" AND oil AND 1970s), and so forth.
Some other terms that may be of use to you include: the "Years of Lead" in Italy; terrorism (in Italy, the US, and the 1972 Munich Olympics); Red Brigade; Weathermen; civil unrest; civil protests; OPEC: oil shock; gas shortage; monetary inflation; urban decay; drug addiction; environmentalism (Earth Day); feminism and women's rights; gay rights (Stonewall Riot); disco music.