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March: Amoco Cadiz tanker runs aground off the coast of France, spilling 1.6 million barrels (250,000 m 3) of crude oil. (Largest crude spill to date.) June Iran and Saudi Arabia block efforts of OPEC price hawks to fix the price of OPEC oil in a currency more stable than the U.S. dollar. Say world economy cannot support associated price increases.
The United States weaned itself off the gold standard in the 1970s, allowing the price of gold to float. The price of gold went from a set exchange rate of $42.22 per troy ounce in 1973 to almost $200 per ounce in 1976. [9] [verification needed] Price of gold 1915-2022
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 ...
While Americans struggle to pay for necessities like food and gas, oil companies are raking it in. Exxon Mobil reportedly made a $17.85 billion profit for the second quarter, and Chevron came in ...
April 30: In the United States, President Clinton approves the sale of $227 million of crude oil from the Strategic Petroleum Reserve. At current oil prices, roughly 12 million barrels (1,900,000 m 3) would be sold. The Clinton Administration hopes that the sale will lower gasoline prices in the United States, which are at their highest levels ...
Technically, anything over 20 years old can be coined "vintage." But when you truly think of items worth this title, your brain doesn't go to Beanie Babies. Instead, it conjures up images of vinyl...
Until 1973, an abundance of oil supply had kept the market price of oil lower than the posted price. [15] In 1970, American oil production peaked and the United States began to import more and more oil as oil imports rose by 52% between 1969 and 1972. [14] By 1972, 83% of the American oil imports came from the Middle East. [14]
With the return of inflation, insane gas prices, and Peter Brady, it's started to look like the 1970's revival is almost complete. However, as any cultural historian will attest, no reiteration of ...