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To assure future oil flows, Japan added suppliers outside of the Middle East; invested in nuclear power; imposed conservation measures; and provided funding for Arab governments and the Palestinians. [144] The crisis was a major factor in the long-run shift of Japan's economy away from oil-intensive industries. Investment shifted to electronics.
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]
For Tokyo, this approach has been driven by painful memories of the 1973 oil crisis, when Middle East producers issued an embargo targeted at nations, including Japan, that supported Israel during ...
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 ...
Japan's economic miracle ended in 1973, when the first oil-price shock struck Japan (1973 oil crisis). [25] The price of oil increased from 3 dollars per barrel to over 13 dollars per barrel.
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The oil crisis of 1973 also had similarly large negative effects on other countries that relied heavily on imported oil, such as France, Sweden, Japan, Finland, Belgium, Luxembourg, and Denmark. In Sweden's particular case, the recession proved devastating to the shipping, ship-building, and logging and mining industries.
The 1973 oil crisis marked a turning point, exposing Japan’s vulnerability to external supply shocks and triggering efforts to diversify its energy sources. This period saw the emergence of liquefied natural gas (LNG) as a viable alternative, valued for its lower environmental impact, flexibility, and increasing global availability.