Oil in 1970s Flashcards
1
Q
control of oil
A
was vital for Western economies.
-they were heavily dependent on oil
2
Q
oil producing nations
A
- especially Saudi-Arabia realised that oil was a powerful economic weapon
3
Q
O.P.E.C
A
- set up in 1973
- led an ‘oil embargo’ against the West
- decreased supplies, so prices increased
4
Q
economic crisis
A
Britain- 1975 inflation was at 25%
5
Q
Seven Sisters’
A
-1959 - by reducing the price of oil it knocked $132 million off 4 major Arab producers
6
Q
members of OPEC
A
- Saudi Arabia
- Iran
- Iraq
- Kuwait
- Venezuela
7
Q
Impact of lack of oil on the west
A
- Europe and Japan 75% dependent on Middle Eastern Oil
- prices quadrupled
