Long-term Effects
Prior to the embargo, the geo-political competition between the Soviet Union and the United States, in combination with low oil prices that hindered the necessity and feasibility for the West to seek alternative energy sources, presented the Arab States with financial security, moderate economic growth, and disproportionate international bargaining power. Following the embargo, higher oil prices instigated new avenues for energy exploration or expansion including Alaska, the North Sea, the Caspian Sea, and Caucasus.
Read more about this topic: 1973 Oil Crisis
Famous quotes containing the words long-term and/or effects:
“Attachment to a baby is a long-term process, not a single, magical moment. The opportunity for bonding at birth may be compared to falling in love—staying in love takes longer and demands more work.”
—T. Berry Brazelton (20th century)
“The hippie is the scion of surplus value. The dropout can only claim sanctity in a society which offers something to be dropped out of—career, ambition, conspicuous consumption. The effects of hippie sanctimony can only be felt in the context of others who plunder his lifestyle for what they find good or profitable, a process known as rip-off by the hippie, who will not see how savagely he has pillaged intricate and demanding civilizations for his own parodic lifestyle.”
—Germaine Greer (b. 1939)