USA HISTORY

Detailed explanation-1: -The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC), led by King Faisal of Saudi Arabia, proclaimed an oil embargo. The embargo was targeted at nations that had supported Israel during the Yom Kippur War.

Detailed explanation-2: -The oil crisis of the 1970s was brought about by two specific events occurring in the Middle-east, the Yom-Kippur War of 1973 and the Iranian Revolution of 1979. Both events resulted in disruptions of oil supplies from the region which created difficulties for the nations that relied on energy exports from the region.

Detailed explanation-3: -The energy crisis played a key role in the economic downturn of the 1970s. With the OPEC oil embargo of 1973, oil prices jumped 350%, and the higher costs rippled through the economy.

Detailed explanation-4: -In response, President Richard Nixon instituted a rationing program intended to safeguard American oil supplies and ensure continued low prices. Nixon’s policy helped lead to shortages at gasoline stations.

Detailed explanation-5: -The Three mile accident contributed to the energy crisis because many regulations were put in place regarding nuclear power and caused a major power source to be unavailable for a decade.