1. Middle East Influence on American Economy
A sad coincidence happened during a time where the demand for oil was rising and the domestic crude oil productions were declining. ... In late 1978, the Iranian Revolution began, which occasioned in a drop of almost 4 million barrels of crude oil a day until 1981. ... The catch was to guarantee the prices of crude oil and increase the value of refined petroleum products (Department of Energy, 2002). ... These actions occasioned oversupply of crude oil in world markets, making the prices collapse in early 1986 (Marcel, 2006). ... The United Nations sanctioned an embargo on all crude oil and b...
- Word Count: 1756
- Approx Pages: 7
- Has Bibliography
- Grade Level: Undergraduate