Depending on where you live in the United States, you probably pay more for fuel than you'd like. Even so, this is nothing compared to the event that unfolded in 1973 known as the OPEC embargo. Also known as the oil crisis of 1973, it followed the stock market crash of 1929 as one of the earliest financial disasters in world history. For those that would like to learn more about the embargo, here are a few details shared by Robert Jain.
It's important to look at the state of America to better understand the impact of the OPEC embargo. During the late 60s to early 70s, the United States saw a growing demand for oil. After all, this was the main fuel source for everything from cars to factory machinery. The problem, however, lied in the fact that the demand simply couldn't be met at such a quick pace. This led to an oil embargo, which was put in place by the Organization of Arab Petroleum Exporting Countries in 1973.
Once this oil embargo was put in place, production of oil ceased. As names like Bob Jain could tell you, this impacted life for everyone, financially or otherwise. Keep in mind that oil was used to power a number of establishments, which meant that schools, hospitals, and businesses in general couldn't use the power they needed. Due to the embargo in question, many of these businesses closed down and worldwide wellbeing suffered.
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.
It's important to look at the state of America to better understand the impact of the OPEC embargo. During the late 60s to early 70s, the United States saw a growing demand for oil. After all, this was the main fuel source for everything from cars to factory machinery. The problem, however, lied in the fact that the demand simply couldn't be met at such a quick pace. This led to an oil embargo, which was put in place by the Organization of Arab Petroleum Exporting Countries in 1973.
Once this oil embargo was put in place, production of oil ceased. As names like Bob Jain could tell you, this impacted life for everyone, financially or otherwise. Keep in mind that oil was used to power a number of establishments, which meant that schools, hospitals, and businesses in general couldn't use the power they needed. Due to the embargo in question, many of these businesses closed down and worldwide wellbeing suffered.
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.
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