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Login Sign up. The impact of the oil embargo and price hike was dramatic, especially on societies in Western Europe and Japan which imagined they had left behind the austerities of a world war that was within living memory for most adults.
The national speed limit was reduced to 55mph. Motorists with number plates ending in even or odd digits were only allowed to refuel on corresponding days of the month. Both the Daytona races and Christmas lights were banned.
In manufacturers were required to raise vehicle mileage from However, the West adapted — as it has done ever since. High prices meant that costly and technically difficult exploration in the North Sea, Siberia, Colombia, Alaska and the Gulf of Mexico became financially viable. Presidents Nixon, Ford and Carter made energy independence a major national priority. In the US created the Strategic Petroleum Reserve to store up to million barrels of crude petroleum in salt dome caverns.
The Impact of the Crisis in Ukraine on the European Gas Market
Successive US administrations encouraged the expansion of coal and nuclear in electricity generation, and the development of ethanol and synthetic fuels. Auto manufacturers ceased building heavy gas-guzzlers; Japanese compacts and European hatchbacks replaced saloons and sedans. There were also moves to improve home insulation, and to use energy more efficiently in factories.
The US government imposed price controls on domestic oil so that US producers effectively cushioned US consumers with subsidies. Almost anything influences the price of oil, from hurricanes in the Gulf of Mexico to strikes in Venezuela, the Arab Spring, rumours of war with Iran, or the opaque activities of commodities futures traders and hedge funds 5.
Even a significant birthday can do this, as was the case with speculation that the former Saudi oil minister Ali bin Ibrahim al-Naimi would retire on his 80 th birthday, leading to a reduction in production by his successor. Despite a brief hiatus in , coincident with the First Gulf War, crude oil prices steadily declined in the early s.
Adjusted for inflation, the price was the lowest since From the mids oil prices rose again, partly because market-driven turmoil in Russia led to a five million bpd loss of production between This took place at the same time as a rise in demand from the Asia-Pacific region where Japan and South Korea produce virtually no oil, and China is, since , a net importer. Prices next fell at the end of the s because of a combination of the Asian financial crisis and OPEC over-production. Overall, the Dutch still seem to believe that Russia will eventually make a successful transition to a modern law-based economy and society.
However, developments in recent years point in a fundamentally different direction. So, the Dutch could be in for more nasty surprises in the coming years. But in this, they are certainly not alone. Filter by. Search results for:. Netherlands institute of international relations Clingendael. Clingendael 7. Back to overview.
Some continuation of constructive engagement can be expected, with the Dutch working to save as much of the economic relationship as possible and keeping up cooperation in areas such as education, science, and civil society. The products and services that we offer range from trend analyses that are part of our Clingendael Strategic Monitor, to high-quality in-depth analyses, scenario-building, horizon scanning and alerts specifically geared to your organisation. Tony van der Togt.