To inflict economic trauma.
Fifty years ago, a secret deal among Arab governments triggered one of the most traumatic economic crises to afflict the United States and other big oil importers.
Oil’s global regime change The embargo’s disruptive power was due to two key factors: Opec’s dominance of world oil supply, and oil’s supremacy in the global energy mix. How the oil price spike played out in the West In the West, price increases wreaked havoc on economies and transport systems that were far less efficient than today. Inflation soon boiled over into “stagflation,” a combination of economic stagnation and high inflation. Misguided policies, including gasoline price controls and rationing, exacerbated shortages, creating long lines at service stations and emboldening gasoline thieves.
50 years later, new pressures Fifty years on, markets have changed. But oil continues to be the world’s dominant energy source.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Uncle Waffles: Rising South African star on the Grammy radar23-year-old South African musical prodigy Uncle Waffles is up for two Grammy nominations proving that Mzansi music is where it's at.
Read more »
South Africa: Cabinet Condemns Bombing of Gaza's Ahli-Arab Baptist HospitalCabinet has condemned the bombing by the Israeli government of Gaza's Ahli-Arab Baptist Hospital on Tuesday, which killed over 500 people and injured over 1 000 civilians.
Read more »
4IRI wins Sasol TechnoX Expo 2023 Rising Star awardPromoted | 4IRI has won the prestigious 'Rising Star' award during the closing ceremony of the Sasol TechnoX Expo.
Read more »
Sadie family wins World's Best Rising Star Award at wine awards in ParisOrganised by the Liquid Icons, the 2023 Golden Vines Awards, which recognise the star performers of the fine wine and spirits industries, were presented during a night of glitz and glam at the beautiful Opera Garnier in Central Paris last weekend.
Read more »
Biden backs Israel over Gaza hospital strike and secures aid moveThe US president's whistlestop trip came just hours after Tuesday night's blast at the Ahli Arab hospital in the Gaza Strip, sparking fury in Arab countries which blame Israel and protests in Muslim countries from Egypt to Pakistan.
Read more »