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Oil production was cut and shortages led to price rises, causing a serious effect on the US economy which had become dependent on low cost oil. The price of oil initially doubled and later quadrupled as OPEC pressured foreign companies to raise prices and increase contributions to local subsidiaries. This resulted in a major shift of power for oil producing countries. The crisis coincided with a devaluation and threatened a world recession. The Nixon administration was forced to make efforts to boost internal energy production – project independence and try to get an association of international consumers to control energy prices, but the overall effects of the price rises could not be easily addressed. The crisis was made worse by the floating dollar, inflation and an economy which was already suffering from low growth rates. This hastened ‘stagflation’. 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The Arab–Israeli War of 1973 led to OPEC countries imposing an embargo on the US as a result of the US of supplying the Israeli forces. Oil production was cut and shortages led to price rises, causing a serious effect on the US economy which had become dependent on low cost oil. The price of oil initially doubled and later quadrupled as OPEC pressured foreign companies to raise prices and increase contributions to local subsidiaries. This resulted in a major shift of power for oil producing countries. The crisis coincided with a devaluation and threatened a world recession. The Nixon administration was forced to make efforts to boost internal energy production – project independence and try to get an association of international consumers to control energy prices, but the overall effects of the price rises could not be easily addressed. The crisis was made worse by the floating dollar, inflation and an economy which was already suffering from low growth rates. This hastened ‘stagflation’. Measures had to be taken, which indicated that the US was not the confident economic giant that it appeared to be, including a 55 mph speed limit, fuel economy standards and the attempts to establish a petroleum reserve. The oil crisis has been blamed for recessions, inflation, lower economic growth, reduced productivity, and has been seen as comparable to the Great Crash as a distinct event bringing severe economic consequences. It led to a rapid drive for diversity in the US energy industry to develop alternative sources, such as in Alaska, and maximise existing output. The end of the embargo in 1974 did not ease the long-term problem of the weakened dollar because of the crisis, and the ending of the gold standard made oil imports more expensive. Internal energy policy was drastically changed with rationing, restrictions, and controls. Internal markets were disrupted by problems of distribution. In 1976, there were grants for insulation to help avoid wasting energy and there were major changes to the automobile industry with the change to smaller and more fuel-efficient vehicles. There was a stimulus to new forms of energy – nuclear for example and in conservation led by a new Energy Department. The whole post war premise of an economy dependent on prodigious use of cheap energy changed, but it is doubtful if a long term overall strategy emerged. The fall in auto exports and the restriction of economic activity and the higher price of production resulted in financial policies which led to lowering interest rates. This not only caused inflation but contributed to economic stagnation, as it shielded producers from the need for innovation. The rise in oil prices also led to oil producers accumulating large trade surpluses which were recycled, causing a considerable growth in the US capital market.

Analysis might draw a distinction between the immediate effects of the crisis on the US economy and the longer term developments and changes brought about.

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Assess the impact of the oil crises of the 1970s on the US economy.

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