USA HISTORY

Detailed explanation-1: -The 1979 oil crisis, also known as the 1979 Oil Shock or Second Oil Crisis, was an energy crisis caused by a drop in oil production in the wake of the Iranian Revolution.

Detailed explanation-2: -Following the Yom Kippur War, the canal was cleared in 1974 and opened again in 1975. OAPEC countries cut production of oil and placed an embargo on oil exports to the United States after Richard Nixon requested $2.2 billion to support Israel’s war effort.

Detailed explanation-3: -The 1973 oil crisis was marked by hours-long lines at gas stations, fuel shortages and panic. Experts said they worry about fuel shortages again today, although they view that as a greater risk in Europe than in the United States.

Detailed explanation-4: -The crisis was the result of Arab oil-producing countries, known as the Organization of the Petroleum Exporting Countries (OPEC), refusing to sell crude to the U.S. Arab oil-producing countries launched the embargo in response to U.S. support of Israel during the 1973 Yom Kippur War.