BLOGGING FROM A TO Z
A 1970’s Time Capsule
NEWS AND NOTEWORTHY
Be sure to visit my Pop Culture post today as well.
The A to Z Challenge has dueling decades going on. Check out the 1980s theme from a fellow blogger HERE
The Energy Crisis
The 1970s energy crisis was a period when the major industrial countries of the world, particularly the United States, Canada, Western Europe, Japan, Australia, and New Zealand, faced substantial petroleum shortages, real and perceived, as well as elevated prices.
By the early 1970s, domestic oil production was declining but the American oil consumption of gasoline and other products was rising. The result was an increasing dependence on oil imported from abroad. Despite this, Americans worried little about a dwindling supply or a spike in prices, and were encouraged in this attitude by policymakers in Washington, who believed that Arab oil exporters couldn’t afford to lose the revenue from the U.S. market. These assumptions were demolished in 1973, when an oil embargo imposed by members of the Organization of Arab Petroleum Exporting Countries (OAPEC) led to fuel shortages and sky-high prices throughout much of the decade.
To lighten the mood a little.