Effect Of The Crisis On The Great Depression Essay

759 Words Dec 12th, 2016 4 Pages
On a daily basis, the effects of the crisis could not have been more clear. Although the actual oil supply did not go down substantially, prices quadrupled. During the worst days in 1974, oil prices had risen four fold, from “$3 a barrel on October 16 to $11.75…by Christmas.” A lack of heating oil was “freezing up the Yankees” since the crisis coupled with the coldest winters of the century. Not being able to drive as much took a particular toll on morale for Americans, whose lives had become inseparable from automobiles. Sprawling suburban neighborhoods were loosely connected by highways, and shopping centers had more parking lots than pedestrian walkways. In this sense, a shortage in gasoline posed an obstacle to activities like daily commute and grocery shopping. Aside from the gas pump, businesses and schools were forced to shut down due to high energy prices, short on heating oil and the rippling economic depression caused by the repercussion. The stock market saw its worst crash since the Great Depression in November 1973.
The aviation industry felt the same quake: domestic airline traffic decreased 5% in 1973. The Congressional Hearing on alternative fuels for aviation during the second session of the 98th Congress revealed just how heavy the effect was on airlines. Consuming 6% of the nation’s petroleum product, the civil aviation sector had tripled its energy consumption in the previous decade, thanks to the groundbreaking advent of the jet age, when bigger…

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