carter economy

How did the 1973 Oil Crisis impact domestic oil production in "Oil Patch" states like Texas?

Rising global prices made it profitable to invest in extracting less accessible oil fields, boosting domestic production.

What major domestic oil source began production in 1977 as a fruition of earlier investments?

The Alaskan Prudhoe Bay oil field.

By how much did the value of West Texan oil increase between 1978 and 1980, and what did this generate?

Its value soared by 250%, generating massive localized wealth and reducing dependence on Middle Eastern oil.

What two major global events caused the catastrophic 1979 Energy Crisis?

The 1979 Iranian Revolution (which disrupted oil production) and the fact that global oil production per capita peaked in 1979 and began to permanently decline.

What 1980 geopolitical conflict further exacerbated the global panic and oil shortages of the energy crisis?

The outbreak of the Iran-Iraq War, which caused deeper disruptions to Middle Eastern oil production.

How successful was "Carternomics" in fighting unemployment between 1977 and the dawn of the 1979 crisis?

Carter successfully reduced the national unemployment rate by 2%.

What major structural limitation existed regarding the new jobs created during the 1970s?

70% of the new jobs were in the low-paying service sector, meaning their wages were heavily eroded by rising inflation.

What was the US inflation rate by 1978, prior to the second energy crisis?

Inflation had already risen to a troubling 8%.

How did the cartel of Arab oil-producing nations (OPEC) respond to the global panic of the 1979 Energy Crisis?

OPEC aggressively doubled the price of oil.

What severe economic figures hit the United States in 1980 due to the 1979 Oil Crisis?

National inflation reached an extraordinary 14% and unemployment climbed back up to 8%.

How did Carter intervene to save America's third-largest employer during the 1980 economic collapse?

He authorized a costly $1.5 billion federal bailout loan to rescue the failing car manufacturer Chrysler.

When did the US Gross Domestic Product (GDP) finally begin to recover from the devastation of the 1979 crisis?

The economy did not fully begin to recover until 1981, after Carter had already lost the election.

What was the political consequence of the 1979–1980 economic crisis for Jimmy Carter?

It ended his presidency after just one term; voters firmly rejected him in the 1980 election, giving Ronald Reagan a landslide victory of 18 million votes.