oil crisis in 1970s

1. 1970s: Oil Crisis

2. Stagflation
 Combination of soaring
prices, the high
unemployment, and low
economic growth.

3. Oil Embargo
 Egypt and Syria attacks
Israel
 The US airlifted supplies
to Israel
 OPEC (Organization of
Petroleum Exporting
Countries) to impose an
oil embargo against
Israel's allies that lasted
until March 18, 1974.

4. Oil Crisis Begins
 The oil embargo led to
increased prices for all types
of fuel, including gasoline,
home-heating fuel, and
electricity.
 Prices for everything else
rose in response to high
energy costs, causing record
inflation.

5. U.S. Response
 Price of gas quadrupled
in just a few months
 Many gas stations ran
out of gas
 Drivers waited for up
to two hours for gas
 License plates ending
in odd numbers could
fill up on odd days
 License plates with
even numbers could
fill up on even days

7. Coping with the Energy Crisis
 Jimmy Carter’s response:
 Americans were asked to:
 reduce air travel
 conserve oil
 turn down thermostats by 6 degrees
 reduce highway speed limits (55 mph ) to
conserve energy
 urged the use of coal and nuclear power rather than
the limited commodity of oil.

8. Question
 How would your life change if your family was
rationed to 10 gallons of gas/week?