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The 1980s: the decade of excess and greed
As the 1980s dawned, the world was still reeling from the 1979 Oil Crisis. Pretty soon, Iran and Iraq were fighting a war that lasted almost the decade (1980-88). The slack in oil supply from Iran and Iraq was taken up by other OPEC members, notably Saudi Arabia. The petro-dollars enabled the GCC members to…
1970s: the hangover from Swinging ’60s
After the euphoria of the Swinging ’60s continued into early ’70s, the world was in for a rude awakening. The Arab Oil Embargo of late 1973, EPA (Environment Protection Agency of USA), NHTSA (National Highway Traffic Safety Administration of USA), all seemed to be ganging up on automobiles. The Oil Embargo caused fuel shortages and…
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