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1973 Oil Crisis
Transcript of 1973 Oil Crisis
Caused Oil Prices in U.S to Rise Exponentialy OEPAC no longer shipped oil to countries supporting Israel.... Technology Affecting the Oil Chrisis. Scarcity Fundamental economic problem that shows their are a limmited amount of fixed resources. Thus influencing trade Wealth and the reason for this economics class Technology Application of knowledge to the practical aims of human life or to changing and manipulating the human environment. Technology includes the use of materials, tools, techniques, and sources of power to make life easier or more pleasant and work more productive. How Does Technology Affect the Economy? It gives us unlimmited rescources. How You Ask?? A great Example includes the Club of Rome and their reports of the limit of growth in our world. The Club of Rome is a global think tank that deals with a variety of international political issues. It was founded in April 1968 and raised considerable public attention in 1972. With the publication of the World Renoun Book of "Limits of Growth". Some Technologies that corrupted their prediction Perdicted that oil would only last us 40 years. Fuel Injectors Doubled fuel efficiency in vehicles. Oil Drilling In Alaska The Limits to Growth is a 1972 book modeling the consequences of a rapidly growing world population and finite resource supplies, commissioned by the Club of Rome This Idea of "Finite Resources" comes from the term Fortunately we have... And overcame the term of "Fixed Resources" Alaska’s crude oil production peaked in 1988 at about 738 million barrels, which was equal to about 25% of total U.S. oil production. In 2008, it was about 250 million barrels, or about 14% of total U.S. production GDP (Gross Domestic Product)
During the 1973 Oil Crisis Gross Domestic Product. The total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of import At the time the recession of 1973-75 was considered a severe recession. It was the most severe since World War II. Below are the figures from the Bureau of Economic Analysis of the U.S. Department of Commerce for quarterly real Gross Domestic Product (GDP) levels, seasonally adjusted and in billions of 1972 dollars.
1975II 1168 Here are some reasons why our GDP fell... The tight oil market gives market power to Saudi Arabia, which is the only producer with significant spare capacity.
It also makes the world extremely vulnerable to any major interruptions in supply.
Major price spikes -- like that of 1973 -- happen when supplies are already tight.
On the other hand, oil consuming nations do hold larger strategic stockpiles now than in 1973, providing some protection against supply disruption. Hope You enjoyed the presentation.