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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 ]
Before the energy crisis, large, heavy, and powerful cars were popular. By 1971, the standard engine in a Chevrolet Caprice was a 400-cubic inch (6.5 liter) V8. The wheelbase of this car was 121.5 inches (3,090 mm), and Motor Trend 's 1972 road test of the similar Chevrolet Impala achieved no more than 15 highway miles per gallon. In the 15 ...
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
April 7–15: Preliminary meeting at Paris on world economic crisis between oil-exporting (Algeria, Saudi Arabia, Iran, Venezuela), oil-importing (European countries, U.S., Japan), and non-oil Third World countries (India, Brazil, Zaire). Talks collapse after nations fail to decide whether agenda should focus on oil/energy issues or have a ...
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.
Despite these initiatives, Project Independence failed to prevent the increase in American oil consumption after the 1973–74 embargo; its dependence on foreign suppliers rose from 36% to almost 50% in 1979, [5] when questions of nuclear energy safety arose domestically, and the next energy crisis emerged overseas.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Oil_crisis_of_1973–74&oldid=524775479"https://en.wikipedia.org/w/index.php?title=Oil_crisis_of_1973–74
Unfortunately high prices aren't going away anytime soon, leaving some experts wondering if a full-blown energy crisis is on the way. Of course, if you lived through the 1970s, you've already been ...