https://padlet.com/huibinary/Bookmarks Made with ♥ en-us 2021-11-29 06:27:43 UTC 2025-03-13 03:07:13 UTC hello@padlet.com huibinary https://padlet.com/huibinary/Bookmarks/wish/1919015971 There were two major oil crises in the 1970s. One is in 1973 (Arab oil embargo), there was a war between Arab and Israeli. Arab is a member of the Organization of Petroleum Exporting Countries (OPEC) and Arab decided to lower the exports of petroleum supplies to countries that support Israeli.
The other one happened in the 1978~1979. The oil crisis is caused by the Iranian Revolution. The revolution created a huge loss of oil production. Which lead to the rise of the gas price. The problem has been solved by other oil production methods and became oversupplied instead of shorthage. ]]> 2021-11-29 21:27:45 UTC https://padlet.com/huibinary/Bookmarks/wish/1919015971 huibinary https://padlet.com/huibinary/Bookmarks/wish/1919076787 This video told us that in 1960 The United States had relied on imported oil as 30% of total oil needs. This is why the oil crisis is a really big problem in the United States.]]> 2021-11-29 22:18:11 UTC https://padlet.com/huibinary/Bookmarks/wish/1919076787 huibinary https://padlet.com/huibinary/Bookmarks/wish/1919079153 This video explained the reason of the oil crisis from the 1979 and how did the government adopted the situation. resolve the stagflation(Stagnant & Inflation).]]> 2021-11-29 22:20:13 UTC https://padlet.com/huibinary/Bookmarks/wish/1919079153 huibinary https://padlet.com/huibinary/Bookmarks/wish/1919080069 This short video shows that the side effect of the sudden petroleum price change and how would this change human life.]]> 2021-11-29 22:21:00 UTC https://padlet.com/huibinary/Bookmarks/wish/1919080069 huibinary https://padlet.com/huibinary/Bookmarks/wish/1919081518 In 1973, Oil embargo occurred between Arab and the United States. Arab has shortened the amount of oil output to the United State which affects the oil price to skyrocket. The 37th United States President Richard M. Nixon put a lot of effort into balancing the power of global oil production.
However, the embargo created a high inflation rate and inactivity of oil importers. ]]> 2021-11-29 22:22:23 UTC https://padlet.com/huibinary/Bookmarks/wish/1919081518 huibinary https://padlet.com/huibinary/Bookmarks/wish/1919082440 In October 1973, The Yom-Kippur War has started. Egypt and Syria were fighting Israel. The United States government decided to provide Israel supplies which cause the members of the Organization Of The Petroleum Exporting Counties to decrease the supply of oil to the United States. 
In January 1979, The Iranian Revolution cause the low output of oil. The protest decreases the oil supply by 2.5 million barrels per day. 
Iran-Iraq War happened right after The Iranian Revolution. the Iran-Iraq war put a restriction on the oil supply in Iran. The oil price was $30 in 1980, which has increased over 100% from 1978 ($12.70 in 1978). ]]> 2021-11-29 22:23:14 UTC https://padlet.com/huibinary/Bookmarks/wish/1919082440 huibinary https://padlet.com/huibinary/Bookmarks/wish/1919087397 The State of Israel was created in 1948 at the Palestine territory which was being controlled by the British and takeover later by the Allied powers. The oil price increase caused by OAPEC(Organization of Arab Petroleum Exporting Countries) reduced the production of their petroleum. After the oil embargo, the oil price did not drop back to the previous price and stayed high. America had put out the Emergency Petroleum Allocation Act to further control the price of petroleum after the crisis. 
Moreover, The United States has moved forward to renewable energy to reduce the level of overreliance on petroleum.]]> 2021-11-29 22:27:34 UTC https://padlet.com/huibinary/Bookmarks/wish/1919087397 huibinary https://padlet.com/huibinary/Bookmarks/wish/1919449449 This image shows how bad the situation is when the oil crisis happened in 1974]]> 2021-11-30 03:00:13 UTC https://padlet.com/huibinary/Bookmarks/wish/1919449449 huibinary https://padlet.com/huibinary/Bookmarks/wish/1919453169 Educating citizen to use energy wisely.]]> 2021-11-30 03:02:49 UTC https://padlet.com/huibinary/Bookmarks/wish/1919453169 huibinary https://padlet.com/huibinary/Bookmarks/wish/1919495870 This 60 second video shows that the COVID-19 pandemic limited the activity of the United States and the demand was low during the pandemic. The oil price dropped because there is too much oil in the market and nobody needs it.]]> 2021-11-30 03:32:15 UTC https://padlet.com/huibinary/Bookmarks/wish/1919495870