Question

What caused the oil crisis in the U.S. during the late 1970's?

Answer 1

The oil crisis in the U.S. during the late 1970s was caused by a combination of factors, including the 1973 oil embargo and the Iranian Revolution in 1979. These events led to a shortage of oil and an increase in prices.

Step-by-step explanation:

The oil crisis in the U.S. during the late 1970s was caused by a combination of factors. One of the main causes was the 1973 oil embargo imposed by Arab nations belonging to the Organization of Arab Petroleum Exporting Countries (OAPEC) in retaliation for U.S. support of Israel during the Yom Kippur War. The embargo led to a shortage of oil, pushing up prices and creating gas shortages for consumers. Another factor was the Iranian Revolution in 1979, which resulted in the seizure of Iranian oil fields and a further increase in oil prices. Additionally, the U.S. economy was already facing challenges such as stagnation and increased competition from abroad.

Answer 2

During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military and to gain leverage in the post-war peace negotiations.

Step-by-step explanation: