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Worldwide Information--How it affects our lives

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Worldwide Information--How it affects our lives

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•use electric car

Reduce the burden of oil prices

•solar

Improve public health and environmental conditions

•hydrogen

Can be used as a clean-burning fuel with less pollution.

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Worldwide Information--How working conditions have changed as a result2

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Worldwide Information--How working conditions have changed as a result2

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Indirect Effect
•An industry that reduces the output of goods and services due to reduced demand due to the actual or expected inability of potential customers to obtain an adequate supply of petroleum products. Examples of such industries include the manufacture and sale of automobiles and recreational vehicles; hotels and motels; eating establishments; and recreational facilities.

Summary
•These are the result of lower aggregate demand due to lower incomes of laid-off workers in industries that suffer from direct and indirect energy impacts.

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Worldwide Information--How working conditions have changed as a result

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Worldwide Information--How working conditions have changed as a result

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Direct Impact Example

•Brick Maker: Reduced day-to-day operations. Because there is no way to get enough energy to power all the kilns.

•Chemical manufacturer: Suspended operations because there is no way to get enough oil to use in his products.

•Land developer: reduce the speed of clearing the land and improve because he does not have enough gasoline to clear and improve the land.

•Gasoline Service Stations: Reduced operations because they don't have enough gas to sell. (JSTOR, 2000)

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•Influence foreign policy

30% of oil imports come from Saudi Arabia itself. "The disappearance of cheap oil has changed the world in which British foreign policy has to function," the Foreign Office noted. Within industrialized countries, their trade surpluses turned into deficits almost overnight.

•The solution

The UK is gradually trying to get a better deal with the oil major, and the UK uses economic investment prices to deal with the Arab oil major. (Cloudflare, 2013)

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•economic growth declines

under the hurdle of the oil shock. The Japanese economy entered a recession. down nearly 10%.

•trade deficit

The sharp rise in the price of barrels of oil made Japan's import bills soar, sending the country into a trade deficit that peaked at $6 billion in 1974. (Oil Crisis of 1973 | Japan Module, 2019)

•Change the way

The Japanese understand the evolution of their vulnerability to international fuel prices and restructure their entire industry.

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•lose job

Wage price controls force companies to keep wages high, which means businesses lay off workers to cut costs.

•high price

Companies keep prices high, which fuels inflation and fuels recessions.

•Consumer confidence drops

Higher gasoline prices mean consumers spend less money on other goods and services. This reduces demand.

•worsening recession

U.S. oil producers are ramping up but they can't produce more oil to make up for the shortage.

•international relations

Some European countries and Japan have sought to disconnect from U.S. foreign policy in the Middle East to avoid being the target of boycotts. (The 1973 Oil Crisis and Its Economic Consequences, 2015)

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•damage to Canada's economy

Exports of cheap oil have fallen.

•Canada is disadvantaged

Canadians aren't benefiting from rising global oil costs.

The oil embargo has had a severe negative impact on the Canadian economy. Despite Canada's fuel reserves, economic malaise in the U.S. could easily cross the border, with rising unemployment and stagflation hitting Canada as hard as the U.S. (Oil and Gas Policy in Canada, 2020)

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Organization of the Petroleum Exporting Countries (OPEC), Helferstorferstraße, Vienna, Austria

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This led to severe oil shortages and a severe spike in oil prices, and led to economic crises in the United States and many other developed countries. The ensuing crisis was unique in that very high inflation and economic stagnation occurred at the same time. (The Truth About the 1973 Oil Crisis, 2022)

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Organization of the Petroleum Exporting Countries (OPEC), Helferstorferstraße, Vienna, Austria

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Introduce
OPEC nations decided to retaliate against the US in response to the US supply of arms to Israel during the Fourth Arab-Israeli War. OPEC countries announced an oil embargo, abruptly halting oil exports to the United States and its allies.

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Worldwide Information--how affected ways of doing business internationally 

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Worldwide Information--how affected ways of doing business internationally 

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•Fuel room heaters considered obsolete

Some enterprising people have designed aftermarket gas conversion kits to let these heaters burn natural gas or propane.

•Reduce dependence on fossil fuels and find alternative energy sources

Efforts have been made to stimulate oil production in their own countries, including renewable energy sources such as solar or wind power, as well as nuclear power. (1973 Oil Crisis Its Economic Consequences, 2018)

•Improve vehicle fuel efficiency, invest in renewable energy

The United States is also working to reduce its dependence on foreign oil in a number of ways, including reducing energy use, improving vehicle fuel efficiency, investing in renewable energy, and increasing domestic oil production.

•save raw materials

After passing through the oil crisis, Japan realized the fragility of international fuel prices. The growing reliance has pushed Japan to conduct in-depth research in the field of saving raw materials, materials and energy. (Salazar, 2021)