Question

Which statement proves that the 1970s oil crisis had a positive effect on Texas?

Answer 1

The right answer is A) Government loans gave the oil industry a second chance to boom

The first oil shock began in October 1973, when OPEC member Arab countries embargoed oil supplies to the United States, Japan, and Western Europe in retaliation for the occupation of Palestinian territories by the Israelis during the Yom Kippur War. The embargo forced some European countries and Japan to ration energy and led the world into recession. With the deficit in the supply of this commodity the American government intervened and fomented the economy so that it could survive the crisis that was instated and Texas petroleum became an improvised exit.