oil crisis

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In 1973, the OPEC countries, headed by Libya, quadrupled the price of oil, and many member states nationalized the oilfields in their own countries. Oil companies began to develop previously uneconomic alternative resources; attention shifted to alternative sources of energy, energy conservation, and energy-efficient technology; and countries lacking alternative sources of supply, or the technology to develop alternatives, found the cost of their oil imports rising painfully.

Subjects: Economics — Earth Sciences and Geography.

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