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The 1970s energy crisis occurred when the Western world, ... The 1973 oil crisis is a direct consequence of the US production peak in late 1960 and the beginning of ...
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. [3] 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.
In late 1973, the U.S. and other Western nations were cut off by Middle Eastern oil producers. The move by the Organization of Petroleum Exporting Countries, OPEC, was payback for coming to Israel ...
For further details see the "Energy crisis" series by Facts on File. [1] [2] 1970 ... 1973, and rising to 51 percent by January 1, 1983. (Iraq declines to agree ...
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Among the causes were the 1973 oil crisis, the deficits of the Vietnam War under President Johnson, and the fall of the Bretton Woods system after the Nixon shock. [2] The emergence of newly industrialized countries increased competition in the metal industry, triggering a steel crisis, where industrial core areas in North America and Europe were forced to re-structure.
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 – caused by the peaking of oil production in major industrial nations (Germany, United States, Canada, etc.) and embargoes from other producers . 1973 oil crisis – caused by an OAPEC oil export embargo by many of the major Arab oil-producing states, in response to Western support of Israel during the Yom Kippur War