djamal-soft
الجمعة، 26 أكتوبر 2018
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.
The OPEC embargo wasn't without its merits, as it changed the ways that different nations accessed oil. For instance, the United States, which largely relied on oil overseas, started to look into sources that were either national or closer to where they were. What this meant was that they could rely less on OPEC moving forward. Nonetheless, this embargo had a sizable impact and it can be felt in many states to this day.
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.
The OPEC embargo wasn't without its merits, as it changed the ways that different nations accessed oil. For instance, the United States, which largely relied on oil overseas, started to look into sources that were either national or closer to where they were. What this meant was that they could rely less on OPEC moving forward. Nonetheless, this embargo had a sizable impact and it can be felt in many states to this day.
About the Author:
Get in touch with Bobby Jain if you'd like to learn more about finance in general.
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