One of the most common complaints that we, as Americans, have is the rising price of gasoline and fuel alike. While these complaints are understandable, they can help us look back at history. When it comes to oil and high prices alike, no one can deny the impact of the OPEC embargo of 1973. The likes of Robert Jain will tell you that this made an impact on world history and the following information will show you why.
If you believe that oil is used in mass now, it was extremely prominent in the late 60s and early 70s as well. Seeing as how it was the main fuel source for machinery and automobiles alike, it should come as no surprise that there was a growing demand for it in the United States. Not only could demand not be easily met, but world relations were volatile as well. Along with other factors, these variables led to the Organization of Arab Petroleum Exporting Countries proclaiming an oil embargo in 1973.
What resulted from this oil embargo, among other things, was the halted production of oil in general. This led to its value increasing over time, albeit in a superficial way, and it became so costly that the majority of people couldn't afford it. This oil shortage impacted a number of establishments as well, as everything from schools to hospitals were without sufficient power. In short, according to names such as Bob Jain, this embargo affected everyone in some way or another.
Another interesting tidbit about the embargo was how it changed the way that people purchased cars. Up until this point, it was all the rage that buy the latest model, as it was not only trendier but came with more extras. However, during this time, they weren't the best from a fuel efficiency perspective, which was where lesser models thrived. Buyers knew that they had to be conscious of fuel, so it made sense for them to invest in models that used less oil, even if they weren't the greatest status symbols.
Now that you have a general understanding of the OPEC embargo, you may want to know how it changed America as we know it today. For starts, it pushed the country to focus on oil resources that were more local instead of relying on what they could receive overseas. Simply put, this meant less OPEC involvement. Even though the impact of the aforementioned embargo is still felt in different areas of the world, this doesn't change the fact that matters have improved since then.
If you believe that oil is used in mass now, it was extremely prominent in the late 60s and early 70s as well. Seeing as how it was the main fuel source for machinery and automobiles alike, it should come as no surprise that there was a growing demand for it in the United States. Not only could demand not be easily met, but world relations were volatile as well. Along with other factors, these variables led to the Organization of Arab Petroleum Exporting Countries proclaiming an oil embargo in 1973.
What resulted from this oil embargo, among other things, was the halted production of oil in general. This led to its value increasing over time, albeit in a superficial way, and it became so costly that the majority of people couldn't afford it. This oil shortage impacted a number of establishments as well, as everything from schools to hospitals were without sufficient power. In short, according to names such as Bob Jain, this embargo affected everyone in some way or another.
Another interesting tidbit about the embargo was how it changed the way that people purchased cars. Up until this point, it was all the rage that buy the latest model, as it was not only trendier but came with more extras. However, during this time, they weren't the best from a fuel efficiency perspective, which was where lesser models thrived. Buyers knew that they had to be conscious of fuel, so it made sense for them to invest in models that used less oil, even if they weren't the greatest status symbols.
Now that you have a general understanding of the OPEC embargo, you may want to know how it changed America as we know it today. For starts, it pushed the country to focus on oil resources that were more local instead of relying on what they could receive overseas. Simply put, this meant less OPEC involvement. Even though the impact of the aforementioned embargo is still felt in different areas of the world, this doesn't change the fact that matters have improved since then.
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