You are hereBlogs / WcP.Tomorrows.History's blog / Sound familiar? In 80s, massive oil shortage, prices soared; economies into recession; prices flattened out, in 1985, collapsed
Sound familiar? In 80s, massive oil shortage, prices soared; economies into recession; prices flattened out, in 1985, collapsed
(quote)
The world's thirst for oil is growing so quickly humanity will consume more of it this decade than over the previous hundred years. Production can't possibly keep up. And the consequences will be dire. "This surge of demand will soon begin to send shock waves through the American economy and transportation system," wrote one expert. The American interior secretary agreed.
A massive oil shortage was coming in the 1980s. Everyone knew that. But before the predicted crisis could arrive, the world was hit with one that wasn't predicted: The Iranian revolution of 1979 turned a major American ally into a major American enemy. Oil prices soared. Economies slipped into recession.
Experts were certain the age of scarcity had arrived ahead of schedule. "The cardinal issue is how vicious the struggle for energy supplies will become," the head of the CIA told a Senate committee. In the summer of 1980, the journal Foreign Affairs captured the dismal mood in an article headlined "Oil and the Decline of the West."
Then a funny thing happened. The price of oil stopped rising. Instead, it fell. And fell some more. High prices had encouraged oil companies to explore like never before and producers to open their spigots. Supply gushed onto the market.
In 1985, the price of oil collapsed.
(unquote)
Images courtesy of AFP/Getty Images/File/Justin Sullivan, Speciality Sites 24-7
Original Source: Montreal Gazette
Contact Us
RSS feed
Oil shortage is not only a reason for the increase in this oil price and there are more factors like this. This increase in this oil price will definitely affect average people and this is now a big problem faced by many people I think.
Now days the price of many things which are very necessary for ones living is continuously increasing. Many of us can afford such hike but what about others? How they manage to such situations are really big question and thanks for the news.
https://www.consumertripleplay.com/">directv family package
It is a true fact that the price of gas is higher than that of beer and I am still confused about this matter. This is really a big problem faced by us now days and I think we will never find a perfect solution for such issues. Keep sharing things like this!
http://www.searchforcloud.com">business voip reviews
The up and down of oil prices are now common factor in Internationally. This is primarily depends on the demand and supply chain and https://www.essaysintime.net/">essays on time helped me to understand it well. Any increase in oil prices might force economies into recession.
Somehow it looks like the same thing is getting repeated now in the Middle Eastern countries. The rates of oil has gone down so much that thousands of people have lost their jobs in past few months in Oman, Kuwait, Dubai and Qatar. https://www.consumertripleplay.com">dish network channels
much obliged this is great website. health articles
I am going to come back once again since I book marked that. Cash along with flexibility is the greatest method to change, may possibly an individual end up being prosperous along with carry on and guide other people.
Superbly written article, if only all bloggers offered the same content as you, the internet would be a far better place..
free twitter followers
free fb likes
This is a great inspiring article.I am pretty much pleased with your good work.You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post.
Showbiz News
This post shares the history of olden days when people faced massive oil shortage and all. Now the situation has changed a lot. There is no lack for anything in this world.
This post shares an informative matter and I am able to compare present situation and the situation in 80s. I think this is very much useful to know the differences between those days and now. Keep sharing! https://www.pacificryo.com">whole body cryotherapy