# data[].attributes.body
Here is a graph representing each country's oil usage from 1960-2006 as you can see Canada is not represented on the graph because they have always had a much lower carbon footprint then any other country.

# data[].attributes.body
So what is an Oil Crisis? An oil crisis is a sudden rise in oil prices resulting in a decreased supply. The website speaks on the two major oil crises of all time in 1973 and 1979. These Oil Prices affected Canada because Canada also suffered an Oil shortage like many western countries.

I chose this website because many people don't know what an oil crisis is and when the major ones in history have occurred. The oil market is very confusing and always changing so I chose a simple website that would give people a simple and stronger understanding of the oil crisis and market.

# data[].attributes.attachment_link.title
oil crisis | Definition, History, & Facts Definition | Britannica Money

# data[].attributes.attachment_link.description
Oil crisis, a sudden rise in the price of oil that is often accompanied by decreased supply. Since oil provides the main source of energy for advanced…

# data[].attributes.body
This video speaks on the 1973 oil crisis. The largest to ever hit North America. This explains how the Israel and Arab wars had an effect on other surrounding countries' operations. These operations are being shut down and delayed, therefore affecting the movement to North America. These delays and demands heightened pricing, creating a crisis.

I chose this video because it gave me a better understanding of the oil crisis in 1973. I did not know a lot of information about the crisis and found this video very informative while easy to follow.

# data[].attributes.attachment_link.title
OPEC Oil Crisis 1973 and Israel-Arab War Explained

# data[].attributes.body
This website talks about how the 1973 oil crisis came to be and how it changed geopolitics forever. The war may have caused the oil crisis but the choices made by countries such as the United States to import mass amounts of oil after their fields in Texas ran dry. This reorganized the oil industry and gave importing countries much more power and influence in the western oil industry.

I chose this website because I found the information very relevant to the 1973 oil crisis. I also found it helpful in understanding its aftermath and the new strategies and laws that were created to try and prevent these from happening again.

# data[].attributes.attachment_link.provider_name
Center on Global Energy Policy at Columbia University SIPA | CGEP

# data[].attributes.attachment_link.readable_text
Bob McNally, a Non-Resident Fellow at the Center on Global Energy Policy and former Special Assistant to the President on the National Economic Council from 2001-2003, published an op-ed in the Wall Street Journal critical of how the IEA's mission has changed to where it is today. In response, Jason Bordoff, the Founding Director of the Center on Global Energy Policy, shared reflections and critiques of points made in the piece on LinkedIn.

March 26, 2024, marks the 25th anniversary of operations at the Waste Isolation Pilot Plant (WIPP). Located about 30 miles southeast of Carlsbad, New Mexico, in the Chihuahuan...

The European Union (EU-27) is a globally significant trading bloc focused on reducing greenhouse gas emissions, including by seeking to impose its own environmental standards extra-territorially on its...

Reuters recently reported that, for the first time, the Government of India will invite private companies to invest in nuclear electricity projects to ramp up growth in this...

So far over this season we've traced the global lithium-ion battery supply chain from mining to processing to manufacturing. And we've put it all into a geopolitical and economic context.

Methane leakage is one of many issues at the forefront today over how the oil and gas industry is engaging in the clean energy transition. Importantly, this industry...

This is the fourth episode of a five-part series exploring the lithium-ion battery supply chain. If you haven't listened to the first three episodes, we recommend you start...

April 2, 2024 * 9:30 am - 10:30 am edt

This roundtable is open only to currently-enrolled Columbia University students. Please join the Center on Global Energy Policy at Columbia SIPA for a student-only breakfast and roundtable with...

Event * Center on Global Energy Policy Large Conference Room
1255 Amsterdam Avenue
New York, NY 10027

April 3, 2024 * 9:00 am - 10:00 am edt

Columbia University's Center on Global Energy Policy's Women in Energy initiative invites you to a Student Roundtable to learn more about careers in the utilities. All Columbia University...

Event * Center on Global Energy Policy
Large Conference Room
1255 Amsterdam Avenue
New York, NY 10027

April 11, 2024 * 5:45 pm - 7:00 pm edt

This event is open only to currently-enrolled Columbia University students. The Center on Global Energy Policy at Columbia SIPA's Women in Energy initiative, in collaboration with the Columbia...

Event * Northwest Corner Building
550 W. 120 St., New York, NY 10027

Vice Chairman, S&P Global

Russia's isolation from the West following its invasion of Ukraine has given new impetus to the country's already close cooperation with the Central Asian countries of Kazakhstan, Kyrgyzstan,...

National oil and gas companies in the Gulf Arab States, aspiring to establish themselves as pioneers in low-carbon energy production, are strategically investing in technologies that can mitigate...

April 16, 2024 * 8:00 am - 5:00 pm est

The Columbia Global Energy Summit 2024 is an annual event dedicated to thought-provoking discussions around the critical energy and climate challenges facing the global community.

Summit Event * Lerner Hall
Columbia University

Batteries can replace gasoline in our cars, or diesel in our generators with electricity. But batteries and petroleum-based fuels share something in common: they both rely on energy-intensive processes to turn extracted materials into something useful.

# data[].attributes.attachment_link.title
The 1973 Oil Crisis: Three Crises in One-and the Lessons for Today - Center on Global Energy Policy at Columbia University SIPA | CGEP

# data[].attributes.attachment_link.description
The following keynote address was delivered by Daniel Yergin at a recent CGEP event titled,...

# data[].attributes.body
This video talks about how the 1973 oil crisis was a new unknown issue in America and how many Americans tried to make their lives easier. Cars from the 60's and 70's often ran at a much higher RPM rate when driving at 60 miles an hour compared to 50 miles an hour thus burning more fuel. So towns and cities began to lower speed limits in an attempt to lower the need for gas. In Europe, many countries developed a no driving on Sundays rule to cut a seventh of fuel consumption and was discussed in the USA as well. However this program was shut down immediately when people realized that they could not watch football

I chose this video because it shows the lack of knowledge on the concept people had in the 1970's and for it's humor level on the subject.

# data[].attributes.body
Today I will be sharing about the Oil Crises that have happened in history and currently. Viewers can expect to learn about the major causes of Oil crises over time. I hope you enjoy reading and watching my gathered information.

# data[].attributes.body
This photo shows the gas station owner in 1973 having to shut down his doors and pumps due to no gas being available to sell to customers. Small business owners suffered the worst as the chains could afford to move forwards but the common folk could not.

# data[].attributes.body
This website speaks on the current energy crisis in the world such as the rebound from the 2020 pandemic and how the world is attempting to recover from this. It also speaks on the invasion of Ukraine by Russia and the impacts on the supply of oil as well as fuel alternatives are impacted as they have a hard time making it through the country.

I chose this website because it is very current with issues going on in the world and the mini oil crisis that we are currently going through. Obviously supply is still there but that is because we are spending more and more money on petro and oil

# data[].attributes.attachment_link.description
Explore analysis, reports, news and events about Global Energy Crisis

# data[].attributes.body
The video is from March 30th 2024 as the U.S. has reached a historical amount of oil produced in the last year, but prices remain high. Oil is used in everyday life by every American whether they admit it or not. That is a lot of money paid by Americans for oil. But what if a foreign country was willing to pay you 10 or 25 cents more per barrel? They are then paying more for delivery and shipment of your product, thus boosting your economy. America has chosen to sell its oil elsewhere to grow its economy and import more oil than it needs but saves money. That is why gas prices stay so high.

I chose this video because it explains why we have not been able to break out of the current oil and energy crisis.

# data[].attributes.attachment_link.title
US oil production breaks records; expert explains why gas prices remain high

# data[].attributes.body
This video shows the production of oil over time and how much oil each country was producing at the time. A couple of points to take away are the U.S. being the #1 producer of oil barrels for the last 125 years. The other is Canada who isn't seen early in the 1900s but by the time the 50's rolled around Canada ranks anywhere from 5-10 throughout the next 70 years.

I chose this video because although it has nothing to do with the oil crisis, it shows the U.S. dominance over the years. Although they were so dominant wars caused major disruptions in the tight oil market.

# data[].attributes.attachment_link.title
Top 12 countries with highest oil production, from 1900 to 2019

# data[].attributes.attachment_link.description
A journey through the history of oil production by country from 1900 until 2019#OilSubscribe: http://trt.world/subscribeLivestream: http://trt.world/ytliveFa...

# data[].attributes.body
Something that surprised me the most about my topic was the common occurrence of wars playing a factor. When a war happens countries hold their cards close to their chests and this includes their oil supply.

This topic is relevant to my everyday life because I am always driving and getting gas. These oil prices also affect a mass amount of items in the economy such as food and other imports.

I would pass on the information that there is nothing our country can do about the oil crisis in the world. Our country can only produce so much oil and we need imports. Gasoline prices may be out of our government's control and they are likely upset about the same problems as you.

# data[].attributes.body
My final website speaks about the refusal by exporting countries to sell crude oil to the U.S. Oil was not sent because of something the U.S. did but more in support of the Arabs to keep the oil with them. When oil became available again the price rose 36% resulting in billions of dollars more spent importing while still losing out on hundreds of thousands of barrels.

I chose this website to speak about the billions of dollars in the oil industry and how impactful it is in countries' economies.

# data[].attributes.attachment_link.readable_text
What Was the 1973 Energy Crisis?

The 1973 energy crisis, also known as the Oil Shock of 1973-74, was a period of skyrocketing energy prices and fuel shortages resulting from an embargo by Arab oil-producing nations in response to U.S. support for Israel during the Yom Kippur War. During this period, the price of a barrel of oil nearly quadrupled in less than a year.

The embargo was lifted in early 1974, but the economic shock it caused is regarded as a precursor to the rapid inflationary pressures and stagflation experienced later in the 1970s. The oil embargo of 1973 was just one of many complicating factors that led to a decade of high inflation and stagflation in the United States during the '70s.

A second energy crisis arose in 1979 following the Iranian Revolution and the overthrow of the Shah of Iran.

Key Takeaways

Understanding the 1973 Energy Crisis

On Oct. 19, 1973, following then-President Richard Nixon's decision to provide Israel with $2.2 billion in emergency aid in support of the Yom Kippur War, the Organization of the Petroleum Exporting Countries (OPEC) approved an oil embargo on the U.S. This effectively shut off the exports of Arab crude oil to the U.S., followed by a series of steep production cuts in output.

Before the embargo, a barrel of oil traded for around $2.90, quadrupling to $11.65 per barrel by January 1974. This led to an increase in the price of regular gasoline in the U.S. from an average of 39 cents per gallon before the crisis to 53 cents in 1974, an increase of around 36% in less than a year.

In addition to rising prices, there were shortages, leading to rationing at gas stations and long queues of cars waiting to fill up. Some consumers tried to hoard gasoline and related products, making the situation even worse.

To replace Arab oil, the U.S. had little excess capacity to boost production. Even with rising oil prices, the time and capital needed to discover new deposits and bring new wells online can take years.

Ultimately, OPEC lifted its embargo in March 1974; however, higher oil prices persisted, leading to higher inflation overall.

Special Considerations

As with most economic events, the 1973 energy crisis and inflation that followed were caused by several factors, not just U.S. support for Israel.

There had been a decades-long struggle between the governments of oil-producing nations and the large U.S. oil conglomerates for control over the global oil market. Until the 1970s, OPEC, formed in 1960, had kept a relatively low profile, mainly negotiating with international oil companies for better terms for its member countries. OPEC saw the Yom Kippur War as a way to make its geopolitical power known and to strike a blow at the U.S. oil giants.

Inflation, too, was not caused only by high energy prices. The U.S. saw commodity prices rise at a rate of around 10% per year starting in 1970, and inflation was on the Federal Reserve's radar of things to keep a close eye on even before 1973. The oil embargo only made things worse and sped up inflation.

The Fed chairman at the time, Arthur Burns, argued in 1979 that this period of high inflation was the result of a confluence of several external forces in addition to the embargo, including "the loose financing of the war in Vietnam...the devaluations of the dollar in 1971 and 1973, the worldwide economic boom of 1972-73, the crop failures and resulting surge in world food prices in 1973-74, [and] the extraordinary increases in oil prices...[as well as] the sharp deceleration of productivity."

1970s Stagflation

In addition to inflation caused by the 1973 energy crisis, the U.S. economy stagnated. This led to an unusual condition of rising prices and an economic recession, known as stagflation.

Economists previously had predicted that when the economy turns sour, high unemployment should be met with lower prices, not rising ones (i.e., as modeled by the Phillips curve). The 1970s proved this theory and the Phillips curve wrong.

In the aftermath of the energy crisis, some began to argue that high oil prices led to higher transportation and manufacturing costs, even as people were being laid off in high numbers. Critics of this hypothesis point out that other periods of inflation or recession have not been accompanied by an oil shock. This may yet occur, given the Russian invasion of Ukraine in 2022.

Why Did the Arab Nations Prohibit Oil Exports to the U.S. in 1973?

The oil-producing Arab countries viewed American political and economic support of Israel during the 1973 Yom Kippur War as siding with their enemy, and they wanted to punish the U.S. Their dominance over oil exports gave them the weapon they needed.

The Organization of the Petroleum Exporting Companies (OPEC) also saw this as a way to gain greater power in their relationship with Western oil companies.

What Were Some Long-Term Consequences of the 1973 Energy Crisis?

The embargo lasted only a few months but high oil and energy prices persisted throughout the 1970s.

One knock-on effect of this was the reduction of the national speed limit to 55 mph, then thought to be the most fuel-efficient speed for automobiles, in order to reduce oil consumption.

Another unusual consequence was the extension of daylight saving time in the U.S. from 1974 to 1975, which the Nixon administration claimed saved 150,000 barrels of oil in heating costs during the winter months.

There were more substantive effects. Higher energy prices contributed to the high inflation and subsequent stagflation of the 1970s, but they also helped move U.S. energy reliance away from OPEC.

In fact, several laws were passed in the mid-1970s to bolster domestic oil production and to establish the strategic petroleum reserves to stockpile emergency supplies.

The crisis also sparked an early interest in environmental issues.

Which American Job Sector Greatly Increased Since the Oil Crisis of 1973?

Service jobs have risen substantially following the energy crises of the 1970s, and the increase may be attributable in part to the 1973 crisis.

Virtually all employment growth during the 1970s was outside of manufacturing. While total manufacturing employment in 1980 was almost identical to its 1973 level, the number of jobs for production workers fell by 5%. There was growth only for managers, professionals, and supervisors.

Moreover, most job growth in the 1970s came in sectors that paid low wages, mostly in service industries.

The Bottom Line

Could we see a repeat of the 1973 energy crisis? Well, no. We might get hit with an energy crisis but it won't have much to do with Mideast tensions. Today, the U.S. gets about 11% of its total petroleum imports from OPEC, compared to about 70% at the time of the 1973 crisis. We get 51% of our petroleum imports from Canada. And the U.S. is a net exporter of petroleum products.

# data[].attributes.attachment_link.description
The energy crisis in 1973 was one of two oil price shocks during the 1970s. The other occurred in 1979.