Abstract In this study, we will consider the second oil crisis in 1978. First, we will briefly address the first oil crisis, and then we will examine the causes of the first oil crisis from the first crisis to the second crisis. In this study,...
Oil has been around for over decades, dating well back to the late 1870s when the first oil well was ever drilled in Titusville, Pennsylvania. It has consistently been in high demand around the world ever since, and its price continues to rise to this...
Oil Crisis
Oil
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During the long 1970s, there was a lack of confidence in the general public in the government in the United States. Many events led to this situation, including the government lying about the Vietnam war, racial problems like busing and watergate, etc changed the perception...
Oil is the major source of energy worldwide and it is expected to remain so over the next few decades. As the technology is changing our environment nowadays, oil has done it in the 20s and 30s. Ever since, then crude oil has become the...
What is a ‘Cartel?’ A cartel is an organization created from a formal agreement between a group of producers of a good or service to regulate supply in an effort to regulate or manipulate prices. In other words, a cartel is a collection of otherwise...
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