THE OIL CRISIS HAS BECOME A WORLDWIDE PROBLEM. IT HAS CRIPPLED TGE PROGRESS OF MANY NATIONS JAPAN AND TGE UNITED STATES WERE NOT SPARED FROM THIS. EVERYBODY IS CONCERNED WITH ENERGY CONVERSATION. WELLS ARE BEING DUG FOR PROSPECTS OF OIL. PRICES OF OIL AND OTHER OIL PRO
DUCTS ARE SOARING
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oil crisis, a sudden rise in the price of oil that is often accompanied by decreased supply. Since oil provides the main source of energy for advanced industrial economies, an oil crisis can endanger economic and political stability throughout the global economy.
In the post-World War II period there have been two major oil crises. The first occurred in 1973, when Arab members of OPEC (Organization of the Petroleum Exporting Countries) decided to quadruple the price of oil to almost $12 a barrel