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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 ]
Signed into law by President Richard Nixon on November 16, 1973 The Trans-Alaska Pipeline Authorization Act of 1973 is a United States federal law signed by US President Richard Nixon on November 16, 1973, that authorized the building of an oil pipeline connecting the North Slope of Alaska to Port Valdez .
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
Despite these initiatives, Project Independence failed to prevent the increase in American oil consumption after the 1973–74 embargo; its dependence on foreign suppliers rose from 36% to almost 50% in 1979, [5] when questions of nuclear energy safety arose domestically, and the next energy crisis emerged overseas.
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.
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.
In the 1970s, most of the UK's electricity was produced by coal-burning power stations. [8] To reduce electricity consumption, and thus conserve coal stocks, the Conservative Prime Minister, Edward Heath, announced a number of measures under the Fuel and Electricity (Control) Act 1973 on 13 December 1973, including the Three-Day Work Order, which came into force at midnight on 31 December.