Oil Crisis / Economic Downturn Flashcards
1
Q
When was the Yom Kippur War?
A
1973
2
Q
Who won the Yom Kippur War?
A
Israel, decisively. They made disproportionate land gains in the process.
3
Q
What did the Arab states do in response to the loss of the war?
A
Stopped selling oil.
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.
5
Q
In what quarter of which year did the oil price increase by 4x ?
A
Last quarter of 1973.
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.
7
Q
How did W European growth change from the 1950s to the 1980s?
A
4.6% in 50s to 2% in 80s.
8
Q
Manufacturing and Employment did what?
A
Manufacturing decreased and Unemployment rose.
