Search results
Results from the WOW.Com Content Network
After it was implemented, the embargo caused an oil crisis, or "shock", with many short- and long-term effects on the global economy as well as on global politics. [3] The 1973 embargo later came to be referred to as the "first oil shock" vis-à-vis the "second oil shock" that was the 1979 oil crisis, brought upon by the Iranian Revolution.
The 1973 and 1979 energy crisis had caused petroleum prices to peak in 1980 at over US$35 per barrel (US$129 in today's dollars). Following these events slowing industrial economies and stabilization of supply and demand caused prices to begin falling in the 1980s. [26]
1970s energy crisis – caused by the peaking of oil production in major industrial nations (Germany, United States, Canada, etc.) and embargoes from other producers . 1973 oil crisis – caused by an OAPEC oil export embargo by many of the major Arab oil-producing states, in response to Western support of Israel during the Yom Kippur War
The National Energy Act of 1978 (NEA78) was a legislative response by the U.S. Congress to the 1973 energy crisis. It includes the following statutes: Public Utility Regulatory Policies Act (PURPA) (Pub. L. 95–617) Energy Tax Act (Pub. L. 95–618) National Energy Conservation Policy Act (NECPA) (Pub. L. 95–619)
January 20: Six exporting countries - Abu Dhabi, Iran, Iraq, Kuwait, Qatar and Saudi Arabia - conclude ten days of meetings with Western oil companies.An agreement is reached to raise the posted price of crude by 8.49 percent to offset the loss in value of oil concessions attributable to the decline in value of the U.S. dollar.
The Emergency Petroleum Allocation Act of 1973 (EPAA) was a U.S. law that required the President to promulgate regulations to allocate and control price of petroleum products in response to the 1973 oil crisis. It was extended by the Energy Policy and Conservation Act of 1975.
The Energy Policy and Conservation Act of 1975 (EPCA) (Pub. L. 94–163, 89 Stat. 871, enacted December 22, 1975) is a United States Act of Congress that responded to the 1973 oil crisis by creating a comprehensive approach to federal energy policy.
The Federal Energy Administration (FEA) was a United States government organization created in 1974 to address the 1970s energy crisis, and specifically the 1973 oil crisis. [1] It was merged in 1977 with the Energy Research and Development Administration (ERDA) into the newly created United States Department of Energy .