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[113] Some researchers regard the 1973 "oil price shock" and the accompanying 1973–74 stock market crash as the first discrete event since the Great Depression to have a persistent effect on the US economy. [114] The embargo had a negative influence on the US economy by causing immediate demands to address the threats to U.S. energy security ...
The targeted countries responded with a wide variety of new, and mostly permanent, initiatives to contain their further dependency. The 1973 "oil price shock", along with the 1973–1974 stock market crash, have been regarded as the first event since the Great Depression to have a persistent economic effect. [23]
August 20 - The 1973 Artistic Woodwork strike begins. It ends on December 5, 1973. [4] October 17 - OPEC dramatically raises the price of oil. This is a boon to Alberta but hurts central Canada. November 1 - Waterloo Lutheran University is renamed Wilfrid Laurier University; November 13 - A jury refuses to convict Henry Morgentaler for ...
The U.S.’s decision to back Israel in the conflict ultimately led to an oil embargo and production cuts from the Organization of Arab Petroleum Exporting Countries (OAPEC), which caused the ...
The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world (i.e. the United States, Canada, Western Europe, Australia, and New Zealand) during the 1970s, putting an end to the overall post–World War II economic expansion.
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
In 1972, oil and gas production was 22,132 barrels-per-day, up from 18,582 the previous year. [13] The 1973 oil crisis instigated by OPEC created havoc in global oil markets, however, in 1974 BP Canada increased its profits by 82 percent. In 1975 the company completed a 40,000 barrels-per-day expansion of the Oakville Refinery and completed the ...
For most of the 1961–1973 period, consumers to the west paid between $1.00 and $1.50 per barrel above the world price, which, just before the 1973 OPEC oil embargo and price increase, stood at around $3.00. They also paid proportionately higher prices at the pump than Canadians east of the Borden line.