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Involves gradual 28 month increase of "old" oil price ceilings, and slower rate of increase of "new" oil price ceilings. June 26–28 : OPEC raises prices average of 15 percent, effective July 1. Oct : Buy-Sell Program sales average more than 400,000 bbl/d (64,000 m 3 /d) from October 1979 through March 1980 - highest level since February 1976 ...
The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s. [3] World oil production per capita began a long-term decline after 1979. [4] The oil crises prompted the first shift towards energy-saving (in particular, fossil fuel-saving) technologies. [5]
The price of coffee went up in the mid 1970s because of a black frost of 1975 that killed 66% of Brazil's coffee trees, which was the number one producer of coffee at the time. There was a big earthquake in 1976 in Guatemala that disrupted supply chains, the world's fifth biggest coffee exporter at the time.
During the 1960s and 1970s, as a result of both production peaks in some nations and political instability in others, the world's supply of petroleum tightened leading to an energy crisis during the 1970s and early 1980s. Petroleum prices rose dramatically, greatly benefiting Texas, particularly as compared to other parts of the U.S. that faced ...
The 1970s were a golden era for toys, with several iconic brands and characters emerging that are still celebrated today, such as all things Star Wars. Following the release of this culturally ...
Image credits: Old-time Photos To learn more about the fascinating world of photography from the past, we got in touch with Ed Padmore, founder of Vintage Photo Lab.Ed was kind enough to have a ...
Source: Bureau of Economic Analysis The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world (i.e. the United States, Canada, Western Europe, Australia, and New Zealand) during the 1970s, putting an end to the overall post–World War II economic expansion.
The 1970s Muhammad Ali Heavyweight Championship belt, awarded after Ali’s legendary “Rumble in the Jungle” victory over George Foreman, is an unparalleled piece of sports memorabilia, marked ...