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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).
The 1979 State of the Union address was given by President Jimmy Carter to a joint session of the 96th United States Congress on January 23, 1979. The speech lasted 32 minutes and 32 seconds. [1] and contained 3257 words. [2] The Republican Party response was delivered by Senator Howard Baker Jr. (TN) and Representative John Rhodes (AZ). [3]
In 2008, some scholars claimed that Carter's energy plan, had it been fully enacted, would have prevented some of the economic difficulties caused by the American dependency on foreign oil. [13] The 1979 oil crisis also led to a vast surge in energy wealth for the oil-rich Soviet Union, which along the lines of resource curse literature, has ...
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The visit garnered notoriety among Poles in subsequent years due to Carter's goodwill speech, which was mistranslated as a series of incoherent and anti-Polish remarks. [3] Imperial State of Iran: Tehran December 31 – January 1, 1978: Official visit. Met with Shah Mohammad Reza Pahlavi and King Hussein of Jordan.
In a speech to the nation in July 1979, Carter described a “crisis of confidence" among the American people. Although he never said the word, it became short-handed as his “malaise” speech.
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 ...
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.