1973 oil crisis

1973 Oil crisis Reported by: Alex Christopher V. Agupe

Oil crisis in 1973 Started by OAPEC on October 1973 Oil embargo to all the consuming countries Reason : This is the response of the Arab nations in US supports in Israel

Macroeconomic Effects
The price of oil products increase 400%.
$2.59 to $11.65 per barrel
The quadruple increase of oil price may lead to inflation in
consuming countries
Western nations Central banks decided to sharply
cut interest rates to encourage growth
This leads to consuming countries to find a new
renewable source of energy that will serves
as an alternative to Fossil fuel

Worldwide response Countries Response United States of America
Emergency Highway Energy Conservation Act
Gasoline Station will not sell oil product during weekends
European Economic Community The Governments banned flying, driving, boating on sundays

Sweden Government rationed gasoline and heating oil Netherlands Government impose prison sentence for those who used more than their give ration of electricity Brazil Proalcool

Israel Solar heat water Japan Japan industries shift from oil-intensive to Electronics

End of Oil Crisis
In March 1974, embargo was lifted after negotiations at the
Washington Oil summit
Reasons of lifting the Embargo
Oil Producing countries are heavily dependent on oil income
The research and discovery of the alternatives on oil

1973 oil crisis

by alexagupe

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1973 oil crisis Presentation Transcript