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...major event in energy of the 1970s was the first oil shock, which resulted in the quadrupling of world oil prices and fundamentally changed the outlook for energy supplies. In effect, the 1973-74 Arab reduction in oil output and embargo transformed Middle East oil from a low-cost, secure supply to a high-cost, insecure source. That event meant that the United States needed to adopt an energy policy that would recognize the increasingly higher value and cost of energy supplies...
...fact is that they do. So the government faces a dilemma. If it relies exclusively on its conventional fiscal and monetary tools, it can slow down an inherited inflation only at very great cost in terms of unemployment, lost output, and lost real income. That is how the "old-fashioned medicine" works...
...much more modern facilities. It was producing more ship-building tonnage than Europe and the United States combined. Its industries dominated the world in fields as diverse as watches, hi-fi equipment, television, ceramics, motor bikes, and pianos. By the end of the 1970s, the Japanese total industrial output was about three-quarters of that of the United States, with half the population or about one and one-half times as much industrial output per person as in the United States. The standards of living and the average income was of roughly the same order as in the United States...
...there had been no revolution in Iran," says John Lichtblau, executive director of the Petroleum Industry Research Foundation, "1979 would have been a normal year." The strikes that accompanied the revolution shut off Iranian production completely early in the year. Though output resumed in March, it ran most of the time at no more than 3.5 million bbl. a day?little more than half the level under the Shah. Khomeini made it clear that no more could be expected. In fact, Iranian output has dropped again in recent months, to around 3.1 million bbl. a day. Oil Minister Ali Akbar...
President Carter's Council of Economic Advisers had its own glum set of figures on the Caracas spinoff: consumer prices will climb by 1% more than they would otherwise have during 1980, and some 250,000 more workers will lose jobs. U.S. economic output will be shaved by some $17 billion, while $10 billion will be added to the nation's balance of payments deficit...