5. How did American reliance on foreign
oil impact the U.S. economy in the
1970s?
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The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s. World oil production per capita began a long-term decline after 1979. ... The crisis led to stagnant economic growth in many countries as oil prices surged.
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