In the lifetimes of the authors, the world and especially the
United States have received three significant "wake-up calls" on
energy production and consumption. The first of these occurred on
October 15, 1973 when the Yom Kippur War began with an attack by
Syria and Egypt on Israel. The United States and many western
countries supported Israel. Because of the western support of
Israel, several Arab oil exporting nations imposed an oil embargo
on the west. These nations withheld five million barrels of oil per
day. Other countries made up about one million barrels of oil per
day but the net loss of four million barrels of oil production per
day extended through March of 1974. This represented 7% of the free
world's (i. e. , excluding the USSR) oil production. In 1972 the
price of crude oil was about $3. 00 per barrel and by the end of
1974 the price of oil had risen by a factor of 4 to over $12. 00.
This resulted in one of the worst recessions in the post World War
II era. As a result, there was a movement in the United States to
become energy independent. At that time the United States imported
about one third of its oil (about five million barrels per day).
After the embargo was lifted, the world chose to ignore the
"wake-up call" and went on with business as usual.
General
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!
Welcome to Loot.co.za!
Sign in / Register |Wishlists & Gift Vouchers |Help | Advanced search
