History of North America

What was the reason for sharp decline in us oil consumption 1973 and 1979?

1973 Oil Crisis:

- OPEC Embargo: The Organization of the Petroleum Exporting Countries (OPEC) imposed an oil embargo against the United States and its allies in response to the support for Israel during the Yom Kippur War. The embargo led to a significant reduction in oil supply and a subsequent spike in oil prices.

- Reduced Economic Activity: The high oil prices caused economic slowdown and recession in the United States and other countries. This reduction in economic activity resulted in a decrease in oil consumption.

1979 Oil Crisis:

- Iranian Revolution: The Iranian Revolution led to the overthrow of the Shah and the establishment of an Islamic government. The revolutionary government nationalized the oil industry and disrupted oil production, leading to a temporary shortage of oil on the global market.

- Increased Oil Prices: The reduced supply and geopolitical instability caused oil prices to rise again, leading to economic difficulties in many countries and prompting efforts to reduce oil consumption.