Press "Enter" to skip to content

United States less reliant on Middle East for oil than earlier

The shocks of Oil supply are still pretty bad for the economy of the United States however they are not quite as bad as they had been and that transformation has led to a lot of the implications for the foreign policy of America. There is no longer a need for the strong imperatives which the country had faced at one point of time as the Middle East had been protecting their oil flow. However as was evident in the airstrike last week which had killed the general of Iran, Qassem Soleimani, there is a lot more freedom with which the United States has been operating without having to worry about the oil flow.

A key feature of the economy in the 1970s had been the recessions which were driven due to oil. The embargoes and turmoil in the Middle East had let to the supplies of the gasoline being limited which led to the prices rising. The amount being spent on energy had gone from being lesser than that of 8% of the economy in the United States to over 13 % with the dawn of the 1980s and the need for the payment of more gas had meant that there was little room left to pay for any other thing.

The prices of oil spiking had been a major factor in the stagflation of the 1970s as the prices had risen however the output of economy had been poor. This caused a need for ensuring the reliable supplies at stable price had been a major driver for the foreign policies for many a decade. However, major changes post the 70s have been making the trade of oil less important economically for the United States than it had once been.

Isabel Ernest
Isabel Ernest Subscriber
Sr. Content Editor & Writer At Chemical News Reports 24

The basic reason for Isabel to pursue a Degree in Industrial engineering was the mysteries that are entailed by the universe. Isabel has always been wondering and looking for studies projecting the presence of alien life forms. And having an interest in writing just made things easy for Isabel to opt for the position of Sr. Content Editor & Writer. She has been a part of this portal for 3 years now. Her hard work and dedication have been fruitful by being appointed as Head of the Industry News domain. Isabel handles the A to Z of this domain as well as encourages her team members to give the best of quality while working.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *