Oil Crisis essays
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The objective of this study is to explain the impact that the 1973-1974 oil crisis, stemming from the countries known as OPEC (Organization of Petroleum Exporting Countries), had on oil prices, the American economy and the world economy. This essay discusses the causes of the oil crisis as well as the extent of the impact on the American economy. Some of the macroeconomic concepts that will be explored are inflation, wage-price controls and monetary policy. It is evident from the...
3 Pages
1329 Words
Oil is very important because it is used to produce many goods and mostly used in heating and transport. This is why the supply of oil is in the hands of a small number of producers who are based in countries where oil reserves are found. These countries get together and agree on the quantity of oil to produce and the price to charge. According to Mankiw et al., (2019), a group of firms acting in unison is called a...
2 Pages
849 Words
Economic crisis is a circumstance in which the economy of nation encounters an unexpected downturn brought on by a financial crisis. The economy confronting a financial emergency and experiencing a falling GDP, an evaporating of liquidity and rising prices due to deflation. An economic crisis can appear as a recession or a depression. Our planet experienced many crises, such as the Great Depression in 1930’s which is known as the mother of all financial crisis and lasted about 10 years,...
3 Pages
1299 Words
The city of Detroit, Michigan is considered to be one of the most dangerous cities in the world. Surprisingly, Detroit was not always a dangerous city, in fact, Detroit was once looked upon as the most desirable place to live in the United States of America. In the mid-20th century, Detroit was said to be the most powerful, uprising city in America. This was due to the preeminent role that Detroit played in the motor industry at the time. Detroit...
4 Pages
1624 Words
The world’s economy is dependent on the availability of crude oil, which supplies the fuels needed for the transportation of labor, raw material, and most importantly final goods. Not only does oil fuel our economy, but it also yields over six thousand useful products, including fertilizers, plastic, and rubber. The Organization of Arab Petroleum Exporting Countries (OAPEC) supplies 42.4% of the international demand for crude oil, while also accounting for 43.52% of the world’s proven oil reserves or 724.71 billion...
5 Pages
2130 Words
