Search results
Results From The WOW.Com Content Network
A drop in oil production in the wake of the Iranian revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, [2] the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to $39.50 per barrel ($248/m 3).
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.
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 ...
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
Oil crisis or oil shock may refer to: Abadan Crisis ("Iran Oil Crisis") of 1951–1954, nationalization, coup, and de-nationalisation in Iran; 1970s energy crisis. 1973 oil crisis, the first worldwide oil crisis, in which prices increased 400%; 1979 oil crisis, in which prices increased 100%; 1990 oil price shock (the "mini oil-shock"), in ...
Some of the various factors that affected inflation during this period include continued stagflation from previous administrations, the 1979 oil crisis that led to huge spikes in gas prices, a ...
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.
Economically, the 1970s were marked by the energy crisis which peaked in 1973 and 1979 (see 1973 oil crisis and 1979 oil crisis). After the first oil shock in 1973, gasoline was rationed in many countries. Europe particularly depended on the Middle East for oil; the United States was also affected even though it had its own oil reserves.