1973 oil crisis



The oil crisis of 1973, mistakenly called also called the first oil crisis [1], was a worldwide oil shortage intentionally created in 1973. The crisis was caused by a number of political actions of the Arab oil-producing countries, aimed against the West.

The Arab countries increased the oil price by 70% and reduced oil production by 5% every month, so that the price per barrel increased explosively. Directly against a number of countries that had supported Israel in the Yom Kippur war was additionally introduced a full oil boycott.Netherlands, the United Statesand some other Western European countries were the main targets of this boycott. In addition, countries such asJapan and Canada affected. The oil crisis with its rising oil prices led to a world-wide supply shock, which had great impact on the economy, because so many economic sectors were dependent on oil. The crisis led to stagflation -a combination of stagnation and inflation. The boycott was discontinued in 1974, after negotiations during a Conference in Washington.

In 1979 created a second oil crisis, also referred to as the oil crisis of 1979.



Content
[hide] *1 run up  ==Run Up[ Edit] == Several factors played a role in causing the crisis:
 * 1.1 energy demand
 * oil production VS 1.1.1
 * 1.2 Decrease real price
 * 1.3 OPEC
 * 1.4 frustration with Arab-Israeli conflict
 * 2 Yom Kippur war
 * 2.1 Oil weapon
 * 3 Consequences
 * 3.1 renewable energy
 * 3.2 price elasticity
 * 3.3 Nationalization
 * 4 the oil crisis with boycott in Netherlands
 * 4.1 motives for the oil boycott
 * 4.2 economic effects and measures
 * 4.3 political consequences
 * 5 the oil crisis in Belgium
 * 6 Trivia
 * 7 Literature

===Demand for energy[ Edit] === The increasing demand for energy especially by petroleum and natural gas had to be taken care of.The period from 1950 to 1973 had an unprecedented economic growth. This was a combination of population growth, the world's population was about one and a half times larger, and prosperity, the prosperity growthalmost doubled. It also increased the demand for energy in 1973 more than two and a half times higher than in 1950. At the beginning of this period was still the largest energy source coal, but this could not keep up with the growth and increased in that period only about one and a half times. The growth had to especially come from natural gas and petroleum whose growth was six-time. Petroleum strove in 1964 coal than also beyond as the most important energy carrier.The growth of nuclear power from 1955 was spectacular, but given the small absolute share is not of interest, apart from a few local examples. ====US Oil Production[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] ==== The rise in energy consumption in the United States was mainly taken care of by oil and gas.From the 1960s onwards it was assigned in increasing extent on imports, which more than doubled between 1970 and 1973 by blockage of the domestic production. The Middle East was the only region that this could catch on.<p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The oil market was in the early 1950s in the United States is still the only well-developed market. This doubled between 1950 and 1970, while those in Europe in that period was nine times and those in Japan even a hundred times. To by the end of the 1950s in the United States the question of energy production could even keep up, then import more and more necessary. As for all Western countries gold that the tremendous growth in question could be collected only by oil from the Middle East, other forms of energy were unable for the time being here. After 1970 was in the United States the need to import in a gear by putting the production stagnated. ===Real price decline<span class="mw-editsection" len="344" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">Since the Second World War was the nominal price of oil hardly increased and was the real price by the inflation actually fell. Those higher prices not only had to compensate for inflation, but also the loss of value of the dollar relative to the gold price. The dollar was overvalued for quite some time so that in 1971 the country after country left the Bretton Woods system . Since oil was made in dollars fell by the actual income of the oil countries. ===OPEC<span class="mw-editsection" len="330" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The power in the oil trade was for a long time at the majors, the big oil companies. Outside the United States was most of the concessions were distributed among thevertically integrated yet Seven Sisters. They determined especially from the 1950s also the posted price. The position of the oil-producing countries compared to themajors at the time was not very strong and they were looking for a way to improve it. The need for this was strengthened after unilateral price reductions by themajors, in which Venezuela, Saudi Arabia, Iraq, Iran and Kuwait in 1960 following the example of the Railroad Commission of Texas United within OPEC.
 * huge growth in demand for energy, in 1973 about 2.7 times higher than in 1950;
 * limitations in the growth of oil production in the United States;
 * real price decline of oil by inflation and devaluation of the dollar while releasing the Bretton Woods system.
 * growing power of the Organization of petroleum exporting countries (OPEC);
 * increasing frustration among Arab countries on the progress of the Arab-Israeli conflict and the Western support for Israel;

The Abadan refinery of Anglo-Iranian Oil Company.<p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The first ten years the Organization had only a limited impact. The nationalization of the oil industry in Iran in 1951 and the response of Western countries with the Abadan crisis and American-British coup in 1953 had carefully created the oil-producing countries.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">This changed the situation; where in 1951 the temporary loss of Iranian oil could be easily taken care of by the other Gulf States, it is now the main broke about how the production capacity rising demand could keep up. On 1 september 1969 when Gaddafi took power in Libya, he proposed back in december of the same year the oil companies an ultimatum for a rise in the price of oil and a majority stake in oil production. Libya would cease oil exports if the demands were not met. The oil companies offered much resistance, but Libya had his sentence in september 1970. Other OPEC countries saw the successes of Libya and started their own negotiations to a larger participation of the State in the oil companies, to achieve higher income taxes and higher prices.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">Increasingly clear was that the power of the oil companies was less than previously assumed and that the oil-producing countries were able to determine price and production. The parties reached an agreement on 14 February 1971 in Tehran and the countries got a controlling stake in oil extraction. Also the oil price was increased, and was due to the depreciation of the dollar rise further to compensate. With the interest of the authorities in the oil companies they obtained also a quantity of oil that was sold according to the government selling price (GSP) or official selling price (OSP). As the authorities had no downstreamactivities and the spot market was insignificant, they sold the oil, however, often back to the majors for buyback prices. ===Frustration with Arab-Israeli conflict<span class="mw-editsection" len="370" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">At that time also came more and more to raise the oil weapon as a means in the Arab-Israeli conflict. Especially since the occupation of the Sinai, the Gaza Strip, West Bank and the Golan Heights by Israel in the 1967 six-day war had this much bad blood put into the Arab world. ==Yom Kippur War<span class="mw-editsection" len="342" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] == <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">On 6 October 1973 Syrian and Egyptian fell armed forces within Israel on Yom Kippur, the holiest Jewish holiday. Most of the Jews and so many soldiers go to the synagogue and the army was totally surprised by the offensive and suffered heavy losses. The situation was so baby, that was feared for the existence of the State of Israel. ===Oil Weapon<span class="mw-editsection" len="335" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">Israel got support from the West, with the United States and in the case of the Netherlands not only in words left. This was the time when the oil weapon was deployed. Every month would be reduced oil production by 5% until the demands were met. Because the United States and Israel actively supported, Netherlands, the export to these countries even completely discontinued. ==Consequences<span class="mw-editsection" len="334" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] == Oil price development in $ from 1861-2007; the Brown line is the real price expressed in dollars from the year 2008. The period dominated by the majors from 1930, but especially 1950 to early seventies had a stable, slowly descending price movements, despite the huge increase in demand. Then dominated the market and OPEC to 1986 there were to see sharp rises. From 1988 dominated the market, initially at a low price level, but starting from 2003-04 increasing by a peak in the summer of 2008.<p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">By the fear that the production capacity would remain with the question, even the price on the spot market rose above the posted prices. After the oil companies for a long time the posted price had determined, came to an end here on 16 October 1973 when OPEC price of marker crude Arabian Light $ 3,011 unilaterally increased to $ 5,119, an increase of 70%. The spot market wasvolatilein these circumstances strongly. Although the traded quantities were negligible, the high spot prices a strong pressure to increase the OSP. Especially under pressure from the Shah was on 1 January 1974 the price even further increased to $ 11,651.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The oil weapon turned out to be little selective and effective. As replaceable good oil from non-OPEC countries could be used to circumvent the oil embargo. In addition, the oil countries especially the United States military is not equal to. The boycott was quickly over and afterwards showed the effect on oil supplies limited. The political impact of the crisis, however, was great and also the price was tripled and would never go down to the old level. OPEC also turned out in practice the largest ever cartel, although it is not set up as such, since the countries themselves determined their production ceiling.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">Also the price of other energy sources, such as natural gas and electricity, increased by this crisis. Many countries got more than before to do with inflation and rise in the national debt. For example, the Japanese economy shrank by 30%, making the country compelled saw the pro-American political course and during the crisis surrounding the hostage-taking of American Embassy staffin Teheran in 1979 continued to buy oil from Iran . In different African countries arose turmoil; Western markets for their products shrank, so that their accumulated debts. Some countries reacted with a liberalizationof the power market, something that would have major consequences in the decades afterwards.

The Oseberg A condeep. The higher oil price made the North Sea oil won in difficult circumstances economic profitable, what theUnited Kingdom brought economic prosperity and, above all, Norway .<p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">Although the price rises to the necessary protests, however, the price for Western countries was subordinate to the security of oil supplies. In addition, a higher price not inconvenient for the United States and Europe, since it just discovered Prudhoe Bay field and the oil fields of the North Sea at lower prices were not economically exploit.Russia also brought a period of prosperity after the discovery of the Siberian oil.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">Higher oil prices also meant an unexpected windfall for oil companies. Because the OPEC countries in the transition to greater participation had dropped stitches, came much of the margin as higher profit at the majors go. Not every oil company was as well prepared for the new age. More than twenty years been the main problem was how there could be more oil found were to be developed, oil fields, pipelines laid out and more and ever larger oil tankers and refineries would be built. Now broke a completely different period in which not only more growth and in which they had but a limited direct access to crude oil. In addition, Exxon and Shell especially jumps out there. The last one was better prepared for the shock by application of scenario analysis. Where the company Forbes in 1970 still the ugly sister of the Seven Sisters had mentioned, it was the number two of the world in 1979. ===Renewable energy<span class="mw-editsection" len="347" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">Authorities responded with attempts at dependence on oil and more specifically to reduce the OPEC countries, such as Project Independence in the United States, car free Sundays in different countries and reductions in maximum speed. It was also to the International Energy Agency (IEA) was established and became the strategic oil inventory increases to reduce the vulnerability of the economy.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">There was more research money invested in solar energy and wind energy. Discussion on the pros and cons of nuclear energy was not flared this only caused by the higher oil prices-also the care of the environment and the depletion of raw materials, as expressed by the authoritative Club of Rome played a role. Higher oil prices also had an impact on the car industry. The call of the consumer to a more economical car was much larger, especially in the United States where until then hardly a brake existed on the size of the car and the gasoline use. The same applied to aircraft, which in this period were also much more economical. The search for alternative fuels remained in the long run, however, limited, as oil despite the strong price increases was still by far the cheapest form of energy. ===Price Elasticity<span class="mw-editsection" len="344" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] === After the 1973 oil crisis, the demand for oil, but this was hardly called on after the oil crisis of 1979. In the first case the income effectdominated in the slutsky equation, in the second case the substitution effect.<p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The difference in oil demand after the crisis of 1973 and 1979 can be explained with the multiple- price elasticity components, the income and substitution effect, both part of the Slutsky equation. In 1973 the income effect was dominant. Oil was still a primary good, so that a larger proportion of income there to had to spend. There remain less about spending to other matters, which resulted in a worldwide recession . After investments to be less dependent on, however, in 1979 it was technically possible for power plants to switch to gas and coal. This had a sharp decline in demand for oil, a good example of the effect of substitution effect. ===Nationalization<span class="mw-editsection" len="342" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The oil-producing countries made themselves for the crisis is the participation crude, the oil from their enlarged entries, not be. During the crisis was this correct no problem revealed on the hungry spot market and this gave rise to speeding up the process of participation and eventually nationalization. The oil companies lost so much of their direct source of petroleum and an important part of their vertical integration. Although this was partly taken care of with long-term contracts where the old shareholders had a privileged position at the new national oil companies, could still grow the spot market. The price was also more transparent. ==The oil crisis with boycott in Netherlands<span class="mw-editsection" len="364" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] == ===Motives for the oil boycott<span class="mw-editsection" len="354" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">In addition to the United States was Netherlands target of the Arab oil boycott. This was due to the Setup in the conflict between Israel and the Palestinians, in which Netherlands to early seventies a pro-Israeli position. It remained not symbolic support to Israel, because in 1973 Netherlands secretly supplied weapons. Netherlands had their solidarity with Israel, but decided the then Defence Minister Henk Vredeling, behind the back of his colleagues in the Cabinet, in order to help Israel to additional weapons, as he revealed later in the television program NOVA.<sup class="noprint nopopups" len="308" style="line-height:1;"> [source? ] Arms transactions more frequently were secret.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">Soon Arab intelligence agencies aware of the secret arms sales to Israel. On October 17, 1973 announced a number of OPEC countries, including Saudi Arabia, Kuwait, Iraq and an oil embargo against Netherlands.Netherlands was deeply angered by the embargo. The cabinet Den Uyl insisted of arms supplies was no; the boycott was then continued. ===Economic consequences and measures<span class="mw-editsection" len="362" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The consequences of the oil boycott were experienced as serious in Netherlands General. Netherlands and all other countries in Western Europe and North America were between October 1973 and March 1976 in the deepest economic crisis since 1929-1945. Rotterdam claimed for the boycott in massive amounts of oil. This oil was raw material for the Dutch refineries and petrochemical industries. Stagnated the oil supply port to this world, then would be the consequences disastrous. The oil industry would then have to back screws and production – should the crisis persist – even dismiss workers. It was feared that oil companies would swerve to neighbouring countries, where the ports of Antwerp and Le Havre could take over the lead of Rotterdam. In addition, got the Government with economic problems, because by limiting the fuel consumption ran the Treasury millions of guilders to excise taxes wrong. If that long went last, had to take into account the Government with severe shortages and perhaps cuts proceed.

Benzinebon from 1973.<p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">In addition, prompted the oil deficit after entering the OPEC actions the Government to energy constraints. In Netherlands was proclaimed a number of car free Sundays that winter from november 1973 to January 1974. In addition, the petrol was rationed; car owners were refuelling petrol vouchers that they should return. There immediately developed a hamster anger that led to dangerous situations. In the United States were allowed to motorists with odd license plate just fill up on Mondays, Wednesdays and Fridays. The others, with an even license plate, were allowed to fill up on Tuesdays, Thursdays and Saturdays.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">In practice however, the doomsday scenarios were greatly exaggerated. First of all, because oil companies had little reason to leave the port of Rotterdam in haste. The oil boycott-especially against the u.s.-shouldn't take long, because that would be the OPEC countries themselves also cost a lot. The industry had made major investments in Rotterdam and specialized staff; the transfer of production to elsewhere would also cost a lot of money. More important, however, was that the boycott hardly was effective. Oil States could prohibit although delivery to Netherlands, but never ensure that the country was completely cut off from oil. Oil companies could fall back on oil stocks in Europe itself and on oil supply from countries that did not participate on the boycott, such as Venezuela. Of scarcity in Netherlands was so in fact no question.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">When the Government realize that the measures were unnecessary, the restrictions were lifted. The measures were not very effective. To the driving ban on car free Sundays to get around, was already on Saturday drive and returned it back late Sunday night, so gas mileage at all declined. Also gasoline on the bon failed. In the frontier zone reason motorists to neighboring countries, where gasoline was not on the receipt. Many people who are already had little reason, vouchers on. Finally succeeded to the rationing gas stations in Netherlands: they supplied fuel without vouchers. The distribution scheme was still within a month reversed. ===Political consequences<span class="mw-editsection" len="345" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">As a result of the oil crisis is viewed that the full political support for Israel disappeared. Pro-Israel changed its course by Netherlands on 6 november 1973 to sign a joint EEC-Declaration. However, it is unlikely that this only by the oil crisis was motivated. General became in this way give in to the demands seen as an admission of weakness. The General positive feeling toward Israel was in the years before the oil crisis even though less become strong.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">With the EEC Declaration were the ' Palestinians' legitimate rights recognized. The Palestinians were no longer regarded as refugees or landless but as a people with political rights. In addition months the nine Member States of the EEC Israel to fully withdraw from the occupied territories. The statement was therefore soon as a contribution to the Arab States considered. Nevertheless, the Dutch and European politics, as well as the public opinion, long time pro-Israel. ==The oil crisis in Belgium<span class="mw-editsection" len="350" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] == <p lang="en" len="314" style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">Car free Sundays in Belgium were only two weeks after the Dutch statutory and until they also at the northern neighbours were abolished.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;">The national debt climbed after 1973 by ten years; in 1979 this was doubled and doubled again from 1979-1981 the budget deficit. Governments, such as the Dutch, were on cost hunted by growing unemployment.In addition to a greatly increased number of unemployment benefits were also supported by the Government, many distressed companies to in each case to keep people in work and help. ==Trivia<span class="mw-editsection" len="333" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;"><span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">[ Edit<span class="mw-editsection-bracket" len="1" style="color:rgb(85,85,85);">] ==
 * Artists in Netherlands was the crisis for a grateful subject. The successful new year's Eve conference by Wim Kan was to a large extent in the sign of. Pierre Kartner and Boer Koekoek had a number one hit with the single Den Uyl is in the oil and Farce Majeure had great success with the song Kiele kiele Kuwait .
 * The increased price of plastic was prompted for the company geobra Brandstäter smaller children's toys on the market.<sup class="noprint nopopups" len="308" style="line-height:1;"> [source? ] Playmobil in 1974 was therefore introduced.