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After Kerkorian sold, GM lost more than 90% of its value, falling as low as $1/share by May 2009. [44] On February 12, 2008, GM announced its operating loss was $2 billion (with a GAAP loss of $39 billion including a one time accounting charge). GM offered buyouts to all its UAW members.
The price of oil quadrupled by 1974 from US$3 to nearly US$12 per 42 gallon barrel ($75 per cubic meter), equivalent in 2018 dollars to a price rise from $17 to $61 per barrel. [3] Saudi Arabia had 25% of the world's oil, but only 4% of the oil used in the United States in 1973 came from the kingdom. [ 72 ]
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