Search in full dictionary

OIL CRISIS (1)

OIL CRISIS (1)
ScnMaster
a situation beginning in 1973, where oil and gasoline prices were caused to escalate rapidly, bringing about a rise in energy costs and prices of other raw materials. The stated cause of the oil price increases was a shortage of oil from Arab nations. However, oil companies reported an increase of 80 percent in profits in 1974 over 1973. Narconon, Personal Values and Integrity Glossary