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President Carter giving his Malaise speech
The oil crisis began in October of 1973 when the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo, raising the price of an oil barrel by 70%. Saudi Arabia established the embargo to assert their diplomatic and economic power. This raised the price of oil greatly. This rise in price was a heavy contributor to the stock market crash and the economy depression of the 1970s. Americans had to limit their consumption of petroleum, which caused a shift in the normal American lifestyle at this time. By 1974 the price of oil quadrupled.
The economy of the late 1970s was a decade of stagflation and a rise of unemployment. There was a high demand of products like homes, cars, and jobs and a low supply of them. Because of this, the prices of goods rose greatly. The rise of unemployment was due to the rise of women in the workforce and the return of veteran soldiers. Another reason for the econmic decline was the oil crisis and the server American state of depression.
During the oil crisis gas was limited for everyone.
A rise of inflation lead to a rise in unemployment
Jimmy Carter's desk with an office chair that you can sit in, with a phone that you can pick up to listen to his "Malaise" speech. There will also be a copy of the speech, for those hard of hearing and to learn more about it, on the desk for people to read as they listen.
The exibit will show the hardships people felt and suffered through during the 1970s economic depression. In the exibit you will see images of people suffering through unemployment, the oil embargo, and also hearing Carters Malasie speech. You will walk through an exibit where images, video clips, narrartions will tell stories of different people at this time.
By: Molly, Pheobe, and Katie