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  • 15-04-2021
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what are the social consequences of the oil crisis in 1973

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  • 24-04-2021

Answer:

Effects of Oil Crisis 1973

OPEC had powerful leverage in setting production output and in establishing a benchmark price for crude oil in the world. ... When the embargo took hold, oil prices jumped from $2 per barrel to $11. The impact hit American consumers in their wallets as retail prices for gasoline soared by 40 percent in November 1973 alone.

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