Exercises on the 1973 Oil Crisis

(UFMG) Under pressure from the oil producer cartel, OPEC, the price of the product, then low and, in real terms, falling since the war, more or less quadrupled in 1973. [...] In fact, the range The real fluctuation was even more sensational:in 1970 oil was sold at an average price of 2.53 dollars a barrel, but in the late 1980s, a barrel was worth 41 dollars.

HOBSBAWM, Eric J. The age of extremes. The Brief Twentieth Century:1914-1991 . São Paulo:Companhia das Letras, 1995. p. 549.

Considering the so-called 1973 oil crisis and its impacts, it is INCORRECT to state that:

1. the origin of the crisis was the OPEC embargo on oil exports, whose intention was to press for the eviction of the Suez Canal.
2. this crisis is one of the factors that explain the economic recession and the increase in unemployment in the central countries in the mid-1970s.
3. the rise in prices generated the sudden enrichment of Arab exporters and the excess of resources in the hands of this group resulted in the phenomenon of petrodollars.
4. Countries hit by oil prices responded with various measures, ranging from fuel rationing to research into alternative energy sources.

(Vunesp-SP) Oil is not a renewable raw material and it took millions of years to be created. Most wells are found in the Middle East, the former USSR and the United States. Its importance has increased since the mid-19th century, when it was used in industry, and today it is one of the major factors in conflicts in the Middle East. List the first three major oil crises in recent years.

1. The first was in 1973, when the US tried to invade Israel to take over that country's oil wells; the second was in 1979, when the State of Palestine was created and the conflict with Saudi Arabia broke out; the third was in 1991, when the Iraq war began.
2. The first was in 1973, when there was a production crisis in the Middle East, leading to an increase in the price of barrels of oil worldwide; the second was in 1979, when Kuwait refused to sell oil to the US; the third was in 1991, when the US war with Afghanistan began.
3. The first was in 1973, due to the Arab-Israeli conflict; the second in 1979, when the Arabs reduced the production of barrels; the third in 1991, which ended up generating the Gulf War, when Iraq invaded Kuwait.
4. The first was in 1973, when Iraq invaded Palestine; the second was in 1979, a period of low oil production in the Middle East; the third was in 1991, due to the Gulf War.
5. The first was in 1973, when several countries around the world demanded the founding of OPEC to control the price of barrels of oil; the second was in 1979, when the Arab-Israeli conflict took place; and the third was in 1991, when the war in Palestine began.

The 1973 oil crisis was triggered after the Arab-Israeli conflict on Yom Kippur and the embargo of the countries that produced the raw material to the countries that consumed it and that had supported the Israelis in that conflict. What is the name of the organization that brings together oil producing countries?

1. UN
2. NAFTA
3. OPEC
4. FTAA
5. Commonwealth

About the 1973 oil crisis, read the statements below:

I - In 1973, the value of a barrel remained stable for months, causing immense losses to oil exporters;

II - The crisis between Eastern oil producers and the capitalist bloc worsened with the outbreak of the Yom Kippur War, resulting in an increase in the price of a barrel;

III – After the Yom Kippur war, the Arab nations neighboring Israel, producing oil, organized a boycott against the entire nation that supported the cause of the Israelis.

Indicate the alternative:

1. if only statement I is correct.
2. if only statements I and II are correct.
3. if only statements II and III are correct.
4. if only statement III is correct.
5. if all alternatives were correct.

Letter A . OPEC embargoed oil exports in retaliation for some countries' support for Israel during the Yom Kippur War, in which the Suez Canal was one of the disputed areas, and not to vacate the Canal.

Letter C . The 1973 Yom Kippur War led Arabs to boycott the sale of the product, raising the price. Since then, conflicts in the Middle East have always resulted in changes in the production and prices of the product, increasing the bargaining power of OPEC, whose Arab countries have broad decision-making power. Political instability in Iran, with the Islamic Revolution in 1979, resulted in the second crisis. And the invasion of Kuwait by Iraq and the subsequent Gulf War were also reasons for a new crisis in the prices of the product.

Letter C. OPEC is the Organization of oil exporting countries, which, by bringing together the main producers, manages to control the price of the product.

Letter C . The outbreak of war resulted in an increase in the prices of a barrel of oil, mainly as a result of the boycott of Western countries that supported the Israelis. The statement I is incorrect in stating that there was stability in prices.