1. Auto Industry
... crude oil. This froze American gasoline prices at the lowest level in the industrial world, discouraged new oil exploration, and encouraged the auto industry to make large, heavy, fuel-inefficient cars. Next, the 1973 war between Israel and the Arab states had placed American drivers in gasoline lines for the first time since World War II. This development stunned a country that ... politically crucial economy-wide tax cuts the administration was proposing at the same time. One key long-run consequence of the VER program stems from the provision that any Japanese cars produced in the U....
- Word Count: 1148
- Approx Pages: 5
- Has Bibliography
- Grade Level: High School