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The Arab oll embargo forced the United States to produce more oil domestically. How did this incident affect Oklahoma's economy?
ОА. Oklahoma's economy slowed because the embargo increased the price of oil and sales fell.
B. Oklahoma's economy grew because many investors put money into the state's oil industry.
Oc. Oklahoma's economy remained unaffected because it had a successful oil industry before the embargo,
D. Oklahoma's economy slowed because the state depended on oil for several economic activities.

2 Answers

14 votes

Final answer:

The Arab oil embargo led to an increase in oil prices, prompting the U.S. to boost domestic oil production. Oklahoma's economy grew as a result of investors investing in its expanding oil industry.

Step-by-step explanation:

The Arab oil embargo of 1973-74 significantly affected the economies of many states in the United States, including Oklahoma. Due to the embargo, the price of oil spiked, which initially caused economic strain.

However, the United States responded by increasing domestic oil production, which for oil-producing states like Oklahoma resulted in economic growth. Many investors were attracted to the expanding oil industry in the state, placing their money in hopes of capitalizing on the higher prices and increased demand for domestic oil.

Therefore, the answer to the question, 'The Arab oil embargo forced the United States to produce more oil domestically. How did this incident affect Oklahoma's economy?' is B. Oklahoma's economy grew because many investors put money into the state's oil industry.

User Spankajd
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11 votes

Answer:

The Arab oil embargo forced the United States to produce more oil domestically. ... Oklahoma's economy slowed because the embargo increased the price of oil and sales fell.

Step-by-step explanation:

User Andy Robertson
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