Examples of energy crisis in the past
Answer Text: Examples of Energy Crisis in the Past-1973 and 1974 when there was war between Israel and Arab countries. The Arab countries which are OPEC members withheld oil supply to Israeli supporting countries e.g. USA and the result was sharp increase in oil prices.- 1991 first Persian Gulf war caused by triggered by Iraq invasion of Kuwait caused by:(a) Iraq’s claim that Kuwait was its territory.(b) Kuwait was taking oil from Iraq’s oil from Rumaila fields which lay beneath both countries.(c) Kuwait was exceeding the oil production limits set by OPEC.-Many Kuwait’s oil fields were set on fire and Iraq dumped about 465 m gallons of Kuwait’s crude oil to the Persian Gulf.There resulted a major oil crisis which was worsened by the trade embargo.-2003 second Persian Gulf War. Iraq had failed to destroy weapons of mass destruction which she had agreed to do for the 1991 war to end. The war led to a rapid increase in oil prices from USD 35 at the start of war to USD 50 by 2004. It forced OPEC members to increaser daily crude oil outputs by 8% to stabilise prices.
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