Energy crises Energy crises The 1973 oil crisis began in earnest on October 17, 1973, when Arab members of the Organization of Petroleum Exporting Countries (OPEC), during the Yom Kippur War, announced that they would no longer ship petroleum to nations that had supported Israel in its conflict with Syria and Egypt -- that is, to the United States and its allies in Western Europe. ...more on Wikipedia about "1973 oil crisis"
The 1979 (or second) oil crisis occurred in the wake of the Iranian Revolution. In the wake of protests, the Shah of Iran, Mohammad Reza Pahlavi, fled his country in early 1979, allowing Ayatollah Khomeini to gain control. The protests shattered the Iranian oil sector. While the new regime resumed oil exports, it was inconsistent and at a lower volume, forcing up prices. Saudi Arabia and other OPEC nations increased production to offset the decline, and the total loss in production was just about 4%. However, a widespread panic resulted, driving the price far higher than would be expected under normal circumstances. ...more on Wikipedia about "1979 energy crisis"
The Argentine energy crisis was a natural gas supply shortage experienced by Argentina in 2004. After the recession triggered by the economic crisis and ending in 2002, Argentina's energy demands grew quickly as industry recovered, but extraction and transportation of natural gas, a cheap and relatively abundant fossil fuel, did not match the surge. ...more on Wikipedia about "Argentine energy crisis (2004)"
The California electricity crisis of 2000 and 2001 followed a failed partial- deregulation, in 1996, of the electricity market in the state. The deregulation was supported by both parties in the California legislature and signed into law by then-Governor Pete Wilson. Rolling blackouts occurred in northern and central California on January 18 2001, and state-wide blackouts occurred on March 19 and 20, 2001. ...more on Wikipedia about "California electricity crisis"
An energy crisis is any great shortfall (or price rise) in the supply of energy resources to an economy. It usually refers to the shortage of oil, electricity or other natural resources. The crisis often has effects on the rest of the economy, with many recessions being caused by an energy crisis in some form. In particular, the production costs of electricity rise, which raises manufacturing costs. For the consumer, the price of gasoline (petrol) for cars and other vehicles rises, leading to reduced consumer confidence and spending. ...more on Wikipedia about "Energy crisis"
The 1990 (or third) energy crisis was the mildest and most brief of them all. It lasted only six months and occurred as a result of the Gulf War. As Saddam Hussein retreated the oil fields of Kuwait were set on fire causing damage that reduced the oil output until repairs could be performed. ...more on Wikipedia about "Oil price increase of 1990"
High demand is led by the U.S. market, the source of an increasing percentage of the world's demand for petroleum. The U.S. economy currently accounts for one-quarter of all demand. New demand is also coming from emerging industry in third world nations, including India and especially China which is developing a western-style car culture and whose manufacturing bases have grown very rapidly in recent years. ...more on Wikipedia about "Oil price increases of 2004 and 2005"
The term UK fuel protest refers to a series of protests held in the United Kingdom over the cost of petrol. The first protests were held in September 2000, whereby tankers were prevented from reaching petrol stations. Further protests took place in September 2005, and though these did not block the tankers, panic buying caused around 3,000 stations to run dry ** . ...more on Wikipedia about "UK fuel protests"
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