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The overall fuel economy of cars in the United States increased from about 15 miles per US gallon (16 L/100 km; 18 mpg ‑imp) in 1979 to 18 mpg ‑US (13 L/100 km; 22 mpg ‑imp) by 1985 and 20 mpg ‑US (12 L/100 km; 24 mpg ‑imp) by 1990. This was one factor leading to the subsequent 1980s oil glut.
1980s oil glut. The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis. The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars ...
Early 1980s recession. The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1982. [1] [2] [3] It is widely considered to have been the most severe recession since World War II until the 2007–2008 financial crisis. [4] [5] [3]
The Energy Policy and Conservation Act of 1975 ( EPCA) ( Pub. L. 94–163, 89 Stat. 871, enacted December 22, 1975) is a United States Act of Congress that responded to the 1973 oil crisis by creating a comprehensive approach to federal energy policy. The primary goals of EPCA are to increase energy production and supply, reduce energy demand ...
The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s. World oil production per capita began a long-term decline after 1979. The oil crises prompted the first shift towards energy-saving (in particular, fossil fuel-saving) technologies.
National Energy Act. The National Energy Act of 1978 (NEA78) was a legislative response by the U.S. Congress to the 1973 energy crisis. It includes the following statutes: The legislative initiative was introduced by President Carter. The package was a major step in the legislation of the energy field, both the supply and the demand side.
April 7–15: Preliminary meeting at Paris on world economic crisis between oil-exporting (Algeria, Saudi Arabia, Iran, Venezuela), oil-importing (European countries, U.S., Japan), and non-oil Third World countries (India, Brazil, Zaire). Talks collapse after nations fail to decide whether agenda should focus on oil/energy issues or have a ...
After it was implemented, the embargo caused an oil crisis, or "shock", with many short- and long-term effects on the global economy as well as on global politics. The 1973 embargo later came to be referred to as the "first oil shock" vis-à-vis the "second oil shock" that was the 1979 oil crisis, brought upon by the Iranian Revolution.