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单词 oil crisis
释义
oil crisis

Geography
  • In 1973, the OPEC countries, headed by Libya, quadrupled the price of oil, and many member states nationalized the oilfields in their own countries. Oil companies began to develop previously uneconomic alternative resources; attention shifted to alternative sources of energy, energy conservation, and energy-efficient technology; and countries lacking alternative sources of supply, or the technology to develop alternatives, found the cost of their oil imports rising painfully.


Economics
  • A situation in which there is a sudden fall in the availability and/or a large increase in the price of oil. For the many economies which rely mainly on oil for their energy requirements, a fall in the quantity available would produce a major slump in real output. For countries importing their oil a large price rise produces an immediate and severe balance-of-payments problem. The term usually refers to the oil crisis of 1973–4 when the members of the Organization of Petroleum Exporting Countries raised the price of oil by a factor of four and some Middle Eastern oil producers threatened a boycott of supplies to countries regarded as sympathetic to Israel in the 1973 Arab–Israeli war.


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