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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 ...
The 1973–1974 stock market crash caused a bear market between January 1973 and December 1974. Affecting all the major stock markets in the world, particularly the United Kingdom, [ 1 ] it was one of the worst stock market downturns since the Great Depression , the other being the financial crisis of 2007–2008 . [ 2 ]
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 oil crisis pushed West European car buyers away from larger, less economical cars. [192] The most notable result of this transition was the rise in popularity of compact hatchbacks. The only notable small hatchbacks built in Western Europe before the oil crisis were the Peugeot 104, Renault 5 and Fiat 127.
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 ...
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.
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January 20: Six exporting countries - Abu Dhabi, Iran, Iraq, Kuwait, Qatar and Saudi Arabia - conclude ten days of meetings with Western oil companies.An agreement is reached to raise the posted price of crude by 8.49 percent to offset the loss in value of oil concessions attributable to the decline in value of the U.S. dollar.