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The oil crisis pushed West European car buyers away from larger, less economical cars. [192] The most notable result of this transition was the rise in popularity of compact hatchbacks. The only notable small hatchbacks built in Western Europe before the oil crisis were the Peugeot 104, Renault 5 and Fiat 127.
The 1973 oil crisis was a direct consequence of the US production peak in late 1960 and the beginning of 1971 (and shortages, especially for heating oil, started from there). The "embargo" as described below is the "practical name" given to the crisis.
Economically, the 1970s were marked by the energy crisis which peaked in 1973 and 1979 (see 1973 oil crisis and 1979 oil crisis). After the first oil shock in 1973, gasoline was rationed in many countries. Europe particularly depended on the Middle East for oil; the United States was also affected even though it had its own oil reserves.
The Israel-Hamas conflict has revived memories of the Yom Kippur War that sparked the 1973 oil crisis. Deutsche Bank’s strategists even warned this week that the odds of 1970s-style stagflation ...
1961: Berlin Crisis of 1961; 1967: 1967 Greek coup d'état; 1967: King Constantine's counter-coup attempt; 1968: Warsaw Pact invasion of Czechoslovakia; 1968–1998: The Troubles; 1968–1988: Years of Lead (Italy) 1972–1973: Second Cod War; 1973: 1973 Greek coup d'état; 1974–1977: First 'Ndrangheta war; 1974: Turkish invasion of Cyprus
Famous-Barr at St. Clair Square even announced that all exterior Christmas lighting decorations and replacement bulbs would be taken off the shelves to conserve energy.
Among the causes were the 1973 oil crisis, the deficits of the Vietnam War under President Johnson, and the fall of the Bretton Woods system after the Nixon shock. [2] The emergence of newly industrialized countries increased competition in the metal industry, triggering a steel crisis, where industrial core areas in North America and Europe were forced to re-structure.
The SPR, which dates to President Gerald Ford’s Administration, was enacted as a direct response to the 1973 oil crisis when members of the Organization of Petroleum Exporting Countries (OPEC ...