The third crisis: The Iran-Irak war (1979)
The third crisis was caused by the war between Iran and Irak. Our friend of the times, Saddam Hussein, declared war against the diabolic government of the Ayatollah Khomeiny. The American government, assisted by other occidental governments, stood by Saddam without reserve and provided him with all the necessary weapons of mass destruction in his quest for "the just cause of democracy and freedom against religious obscurantism."
The consequences of that just war was that two of the world's biggest oil producers couldn't provide as much as before. So, the price of oil started rising to unprecedented levels that would come to $80 in today's dollars. A new panic in the global market, that rise, as well as interest rates that were about 20%, dived the world in its biggest economic crisis since 1929.
The measures
The measures adopted by the American government were about the same as those in 1973. Requests were given to reduce the consumption of automotive vehicles, to install fuel consumption indicators in cars, and to generally reduce the size of vehicles. But nothing decisive saw the day of light at that time. However, vehicles used less gasoline back then, than they do now...
(To be continued next week)
The third crisis was caused by the war between Iran and Irak. Our friend of the times, Saddam Hussein, declared war against the diabolic government of the Ayatollah Khomeiny. The American government, assisted by other occidental governments, stood by Saddam without reserve and provided him with all the necessary weapons of mass destruction in his quest for "the just cause of democracy and freedom against religious obscurantism."
The consequences of that just war was that two of the world's biggest oil producers couldn't provide as much as before. So, the price of oil started rising to unprecedented levels that would come to $80 in today's dollars. A new panic in the global market, that rise, as well as interest rates that were about 20%, dived the world in its biggest economic crisis since 1929.
The measures
The measures adopted by the American government were about the same as those in 1973. Requests were given to reduce the consumption of automotive vehicles, to install fuel consumption indicators in cars, and to generally reduce the size of vehicles. But nothing decisive saw the day of light at that time. However, vehicles used less gasoline back then, than they do now...
(To be continued next week)