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The major oil-producing regions of the U.S.—Texas, Oklahoma, Louisiana, Colorado, Wyoming, and Alaska—benefited greatly from the price inflation of the 1970s as did the U.S. oil industry in general. Oil prices generally increased throughout the decade; between 1978 and 1980 the price of West Texas Intermediate crude oil increased 250 ...
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. [4] 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.
April 7–15: Preliminary meeting at Paris on world economic crisis between oil-exporting (Algeria, Saudi Arabia, Iran, Venezuela), oil-importing (European countries, U.S., Japan), and non-oil Third World countries (India, Brazil, Zaire). Talks collapse after nations fail to decide whether agenda should focus on oil/energy issues or have a ...
Oil crisis or oil shock may refer to: Abadan Crisis ("Iran Oil Crisis") of 1951–1954, nationalization, coup, and de-nationalisation in Iran; 1970s energy crisis. 1973 oil crisis, the first worldwide oil crisis, in which prices increased 400%; 1979 oil crisis, in which prices increased 100%; 1990 oil price shock (the "mini oil-shock"), in ...
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 ...
1970s energy crisis. OPEC oil price shock (1973) Energy crisis (1979) 1972–1973 Indian economic crisis; 1973–1975 recession; Secondary banking crisis of 1973–1975, in the UK; 1979–1980 Indian economic crisis; Latin American debt crisis (late 1970s to early 1980s), the "lost decade"
In this Dec. 23, 1973, file photo, cars line up in two directions at a gas station in New York City. Right-on-red was a gas-savings tool during the 1970s oil 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.