HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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How did the OPEC crisis impact the US in the long run?
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We now buy most of our oil from the Middle East
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We have been continuously fighting wars in the Middle East since the 1970s
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We began drilling our own oil and developing alternative energy sources
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We now export our oil to the Middle East
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Explanation:
Detailed explanation-1: -How does OPEC affect gas prices? As a result of OPEC controlling so much of the supply and demand of petroleum, “its decisions influence global prices. Its members meet regularly to coordinate how much crude oil to sell collectively on global markets, ‘’ says the World Economic Forum.
Detailed explanation-2: -After the imposition of the embargo, the price of a barrel of oil quadrupled by 1974. As a result, the United States experienced its first fuel shortage and first significant increase in gasoline prices since World War II.
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