Oil Shock: Global Impacts
In 1973, an oil crisis erupted, triggering a worldwide economic collapse. The crisis occurred unexpectedly, impacting the global economy significantly. This resulted in a scarcity of oil supply and a surge in prices, directly affecting the world economy as oil serves as its primary source of energy. Following the initial oil crisis, a major energy conference was held in Washington, D.C., the capital of the United States, in February 1974. The conference aimed to address energy policy concerns and proposed the establishment of an international organization to collaboratively formulate energy
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