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The impact of the first oil crisis on the United States of America
Nováková, Markéta ; Bečka, Jan (advisor) ; Svoboda, Karel (referee)
The Bachelor's thesis investigates the impact of the first oil crisis, which meant an end of era of cheap oil. Because of the energy crisis at the beginning of the 1970s, when oil supply almost did not suffice to high demand, producing countries associated in Organization of the Petroleum Exporting Countries had for the first time a favorable position in negotiating with oil companies. In October 1973 representatives of the producing countries reduced drilling of oil and imposed embargo on the United States of America as retaliation for american support to Israel during Jom Kippur war. Thus they abused dangerous situation to cause shortage in oil market. Rising prize of oil should have compensated growing inflation and compel the United States to change its policy toward Israel. Other argument of OPEC countries was that until oil is cheap, this non-renewable source will be wasted. The aim of this thesis is to find an answer to the question, how much the first oil crisis influenced the United States and compare whether the greatest changes happened in the field of oil trade and oil market, politics or in economy. After brief introduction of the first oil crisis, the thesis is subdivided into three main chapters, which deal with changes in oil trade and oil market, politics and in economy In the...
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The impact of the first oil crisis on the United States of America
Nováková, Markéta ; Bečka, Jan (advisor) ; Svoboda, Karel (referee)
The Bachelor's thesis investigates the impact of the first oil crisis, which meant an end of era of cheap oil. Because of the energy crisis at the beginning of the 1970s, when oil supply almost did not suffice to high demand, producing countries associated in Organization of the Petroleum Exporting Countries had for the first time a favorable position in negotiating with oil companies. In October 1973 representatives of the producing countries reduced drilling of oil and imposed embargo on the United States of America as retaliation for american support to Israel during Jom Kippur war. Thus they abused dangerous situation to cause shortage in oil market. Rising prize of oil should have compensated growing inflation and compel the United States to change its policy toward Israel. Other argument of OPEC countries was that until oil is cheap, this non-renewable source will be wasted. The aim of this thesis is to find an answer to the question, how much the first oil crisis influenced the United States and compare whether the greatest changes happened in the field of oil trade and oil market, politics or in economy. After brief introduction of the first oil crisis, the thesis is subdivided into three main chapters, which deal with changes in oil trade and oil market, politics and in economy In the...
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Selected measures of economic policy of presidents Ford and Carter in the context of the oil shocks
Košut, Jaroslav ; Johnson, Zdenka (advisor) ; Tajovský, Ladislav (referee)
The 1970s are well known mostly thanks to the events of the first and second oil shock, which changed the economic landscape in the US and in the world for years to come. The theoretical section of this thesis is devoted to the situation before and during the oil shocks: their origins and circumstances, political developments as they progressed and their effects on the oil market. The analytical section examines economic policies of United States presidents Gerald Ford and James Carter and points out successes or failures of their various measures. It describes the course of events concerning economic growth, inflation and unemployment over the course of the 1970s and addresses the causes of their developments in each year. The work is concluded with a comparison of the selected economic aggregates and claims that economic policy of President Carter dealt with the impact of the oil shock more successfully than economic policy of President Ford.
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