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Oil Embargo In The 1970's

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In December of 1793, a full oil embargo was imposed against the United States. Before this embargo occurred, the Arab-Israeli War was taking place. The United States was involved in this war in one of two ways. One, they had allied ties with Israel, in which they were supporting them with the supplies that they needed to be successful in war. Secondly, the United States was also receiving oil from the Arab countries. Which would eventually lead to the skyrocketing oil prices that took place in the United States during the early 1970’s.

Going back to the late 1960’s, 1967 to be specific, the Arab-Israeli War was taking place. Prior to the war, the United Nations had made its presence in the Middle East, specifically along sensitive …show more content…

These nations started to dislike the fact that even though they were exporting oil to the United States, they (Arab countries) weren’t receiving the same treatment. This caused a variety of conflicts for the United States. The main dispute being, the full halt of oil trading with the United …show more content…

It is notable that the prime interest rate was falling during the recession and investment was also falling. But in the immediate aftermath of the tax cut, the prime interest rate did rise. The unemployment rate rose during the recession and it began to come down in the recovery but much more slowly than it rose. This is because during the lost years of economic growth during the recession the labor force grew. Also productivity increased, in order for growth in real output to bring down the unemployment rate the rate of economic growth must be greater than the sum of the growth rate the labor force and the rate of growth of productivity. Another way to also look at the impact of the recession is tax cut and recovery is in terms of what happened to consumer’s disposable income. Disposable income was declining along as part of the effect of the recession, but the tax brought a significant jump. Also the tax cut brought the level of disposable income up to what it was before the recession began. In those terms it was an instant

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