Question

Choose one of the following issues: 1970s energy crisis conflict in the Middle East Research the event in more detail. You may find this activity helpful in conducting research. Use the following questions to create three well written paragraphs.
1: Explain why the chosen issue was a problem in the 1970s and how the government responded to the issue?
2: Explain what the situation is today and how the government is currently addressing the issue?
3: Explain how the current issue and attempted solutions are similar and/or different from the 1970s?

Answer 1

Answer:

1. The end of Bretton Woods

2. Energy control

3. Different

Explanation:

1 First a little economic history:  the Bretton Woods Gold Pool (Conversion of Gold into Dollars) ended in 1971, and marked the end of financial control the U.S. had over the rest of the world. In other words: the Dollar showed signs of weakness.

At the same time American oil consumption was rising but domestic oil production was declining. Policymakers in Washington didn´t believe that Arab oil exporters were willing to risk to lose the U.S. market.

But they did, and this, combined with the Palestine-Israel conflict, led to the oil crisis of 1973 when an oil embargo imposed by OPEC, led to fuel shortages and sky-high prices.

2. In the 21st century American still rely heavenly on foreign oil. The U.S. consumes about 20 million of the roughly 80 million barrels of oil consumed daily in the world! 3/5 of that is imported.

As we have seen the U.S. is still very vulnerable in the oil-department. Therefore the U.S. has supported energy and environmental improvements, such as the use of renewable energy sources.

3. They are similar in relying heavenly on foreign oil, then and now. They are different in seeking actively energy alternatives in this century.

2.