1982 Oil Depression Crisis: Difference between revisions
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[[File:Top Oil Producing Countries CCA.png|thumb| | [[File:Top Oil Producing Countries CCA.png|thumb|right|Graph of top oil-producing countries, showing drop in [[Emmiria]] and [[Drambenburg]]'s production]] | ||
The '''1982''' '''Oil Crisis''', also known as the '''1982 Oil Shock''' or '''Global Oil Crisis''', was an energy crisis caused by a drop in [[wikipedia:oil output|oil production]] in the wake of political shifts in many major oil producing Eastern [[Adula]]n and Western [[Euronia]]n nations. Although the global oil supply only decreased by approximately four percent, the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to Z$40.50 per barrel. The spike in price caused fuel shortages and long lines at gas stations internationally. | The '''1982''' '''Oil Crisis''', also known as the '''1982 Oil Shock''' or '''Global Oil Crisis''', was an energy crisis caused by a drop in [[wikipedia:oil output|oil production]] in the wake of political shifts in many major oil producing Eastern [[Adula]]n and Western [[Euronia]]n nations. Although the global oil supply only decreased by approximately four percent, the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to Z$40.50 per barrel. The spike in price caused fuel shortages and long lines at gas stations internationally. | ||
Latest revision as of 22:54, 6 May 2021
The 1982 Oil Crisis, also known as the 1982 Oil Shock or Global Oil Crisis, was an energy crisis caused by a drop in oil production in the wake of political shifts in many major oil producing Eastern Adulan and Western Euronian nations. Although the global oil supply only decreased by approximately four percent, the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to Z$40.50 per barrel. The spike in price caused fuel shortages and long lines at gas stations internationally.
In 1983, following the onset of the Kuye War, oil production in Emmiria fell drastically. Drambenburg's oil production also dropped significantly, triggering economic recessions worldwide. Oil prices did not return to pre-crisis levels until the mid-1980s.