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Oil Crisis / Economic Downturn Flashcards

(8 cards)

1
Q

When was the Yom Kippur War?

A

1973

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2
Q

Who won the Yom Kippur War?

A

Israel, decisively. They made disproportionate land gains in the process.

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3
Q

What did the Arab states do in response to the loss of the war?

A

Stopped selling oil.

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4
Q

How did the lack of oil sales effect European economies?

A

They struggled. There was a crackdown on traffic and fuel use in Europe.

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5
Q

In what quarter of which year did the oil price increase by 4x ?

A

Last quarter of 1973.

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6
Q

What was western Europe’s dependency on oil vs their production in the mid 1970s?

A

749 million Barrels consumed vs 15 million produced.

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7
Q

How did W European growth change from the 1950s to the 1980s?

A

4.6% in 50s to 2% in 80s.

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8
Q

Manufacturing and Employment did what?

A

Manufacturing decreased and Unemployment rose.

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