The impact of the first oil crisis on the United States of America

The Bachelor's thesis investigates the impact of the first oil crisis, which meant an end of era of cheap oil. Because of the energy crisis at the beginning of the 1970s, when oil supply almost did not suffice to high demand, producing countries associated in Organization of the Petroleum Exporting Countries had for the first time a favorable position in negotiating with oil companies. In October 1973 representatives of the producing countries reduced drilling of oil and imposed embargo on the United States of America as retaliation for american support to Israel during Jom Kippur war. Thus they abused dangerous situation to cause shortage in oil market. Rising prize of oil should have compensated growing inflation and compel the United States to change its policy toward Israel. Other argument of OPEC countries was that until oil is cheap, this non-renewable source will be wasted. The aim of this thesis is to find an answer to the question, how much the first oil crisis influenced the United States and compare whether the greatest changes happened in the field of oil trade and oil market, politics or in economy. After brief introduction of the first oil crisis, the thesis is subdivided into three main chapters, which deal with changes in oil trade and oil market, politics and in economy In the..