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The Middle East has always been a large proportion of US crude oil imports.
Therefore, when the OPEC was introduced and as the oil prices sharply rose, the US import spending on crude oils also increased by a substantial amount.
This, in effect would mean that petro prices would increase and since petro is essential in transportations/industrial productions, you would expect a sharp increase in average price in the economy (inflation).
What else can I help you with?
What was a lasting effect of the OPEC embargo in the 1970s on the US economy?
reduced use of petroleum
Which of the following was a lasting effect of the OPEC embargo in the 1970s on the US economy?
reduced use of petroleum
Why was the US vulnerable to OPEC?
The US is vulnerable to OPEC because of the oil import. There is about 40% oil in OPEC countries.
What country affect the us economy?
All countries affect the US Economy in some measure, but particularly Japan, Britain, Canada and Mexico.
What countries have an economy based largely on the production and sale of energy?
The OPEC countries, and other non-OPEC oil exporters (such as Russia).
What was a lasting effect of the OPEC embargo in the 1970s on the US economy?
reduced use of petroleum
Which of the following was a lasting effect of the OPEC embargo in the 1970s on the US economy?
reduced use of petroleum
What action did OPEC take in 1973 against the US and what impact did it have on the American economy?
The 1973 Oil Crisis.
How did the oil embargo affect the US?
Oil embargo affected the US in a few ways. The main way the US was affected by OPEC.
Why was the US vulnerable to OPEC?
The US is vulnerable to OPEC because of the oil import. There is about 40% oil in OPEC countries.
What country affect the us economy?
All countries affect the US Economy in some measure, but particularly Japan, Britain, Canada and Mexico.
What countries have an economy based largely on the production and sale of energy?
The OPEC countries, and other non-OPEC oil exporters (such as Russia).
How did the world war 1 affect the economy of the US?
it caused the economy to go down
How did the organization of petroleum exporting countries OPEC oil embargo of 1973 most affect individuals in the us?
It raised gasoline prices.
How did the Organization of Petroleum Exporting Countries (OPEC) oil embargo of 1973 most affect individuals in the US?
It raised gasoline prices.
How has OPEC influenced the world economy?
Nathan adkins said what ever you think
How does immigration affect taxes in the US?
immigrants are hurting the economy
