THE 1970S 1969 1979
FOREIGN POLICIES OF PRESIDENT NIXON
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A natural disaster impeded offshore drilling for oil
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Congress imposed new regulations on foreign energy companies
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Conflicts in the Middle East disrupted the distribution of oil
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Congress introduced new legislation to increase the fuel efficiency of vehicles
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Detailed explanation-1: -Oil prices began to rise rapidly in mid-1979, more than doubling between April 1979 and April 1980. According to one estimate, surging oil demand-coming both from a booming global economy and a sharp increase in precautionary demand-was responsible for much of the increase in the cost of oil during the crisis.
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 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-4: -The embargo, which began in October of that year, was a response to America’s and other nations’ support of Israel during the Yom Kippur War. As a result of the oil crisis, gasoline prices took a swift upturn and the supply of petroleum became severely limited.