Fundamental shift in world power: Oil used as economic weapon ///

At the start of the 1970s, the U.S. had become accustomed to abundant supplies of cheap energy. Low-cost fuel stoked U.S. industries, and was one of the primary reasons that the economy had grown and prospered. At the beginning of the decade, oil and natural gas supplied approximately 75% of the nation’s energy requirements. To assure continued economic growth, the U.S. needed to maintain an abundant supply of domestic production to meet high consumption rates, and satisfy increased demand in the coming years.

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