Including the states Louisiana, Mississippi and Alabama. This natural disaster cost more than 100$ billion in damage including gas prices suddenly got jacked up. Katrina hammered out almost about 95 percent of oil production in the Gulf. That was a key supply point for the U.S. about a quarter of domestic oil comes from the region. With most of our oil productions shut down we couldn’t get the money we needed to keep gas prices reasonable.
But the profit of building the railroads was hit and the railway industry began to decline. Railway was an urgent need to operating the goods but there wasn’t enough traffic to sustain them. Oil was another lucrative business during the Gilded Age. John Rockefeller saw an opportunity that seemingly everything required oil during this era: factory, machines, ships, and, later, automobiles. The application of oil made the train speeded up.
Initially the Long Depression’s profound negative effects on the European economy sparked nation’s interest in resuming imperialism. This harsh economic recession lasted for an astonishing twenty-six years (1873-1896), caused the prices of goods to decline, and put pressure on the government to protect their country’s economic strength. European nations relied on the Second Industrial Revolution to push them through this economically trying time. Unfortunately, the Second Industrial Revolution’s intensity lapsed during the 1890s because scarcity of materials to produce commodities rose and the amount of markets to sell in shrunk. This impediment did not interfere with countries such as Great Britain, France, and Germany from contending with one another.
Because of the excessive objectives that had to be reached the government limited production of the consumer’s goods. This lead to famine, and housing, clothing, and other necessities shortages. Document 3 shows that coal production increased by 110 million metric tons in ten years from 1928 to 1938, during the two Five-Year Plans. However, Document 5 shows how drastically livestock decreased during the two Five-Year Plans. In ten years the livestock population decreased by 16 million.
Conventional energy sources based on natural gas and oil has to be proven highly effective drivers of economic progress, but the same time damaging to human health and environment. They are cyclic in nature, due to the effects of oligopoly in production and distribution. A transition to renewables-based energy system is looking increasingly as the cost of solar and wind have dropped substantially in the past few years, and continue to decline, while the price of oil and gas continuously vary. In fact, fossil fuels and renewables prices, social and environmental costs are heading in opposite directions. Renewable energy sources currently supply somewhere about 15 percent to 20 percent of the world’s total energy demand (Herzorg, n.d.).The numbers shows that the total proved reserves of all fossil fuels is approximately 1.4% of total solar energy.
In 1962, many remembered the great depression that struck 30 years earlier and the economy was just recovering from another recession, so when the steel prices for the major steel company rose by 3.5 percent, major fear spread in concern of another recession. The rise in steel companies was also not great for the government because it would raise the cost of defense by one billion dollars. President John F. Kennedy held a news conference to rally the people to incite support for his efforts to reverse the price change by challenging the steel company 's decision, by describing the government 's attempt to fix the problem, and by setting the steel companies apart from the common interest. Throughout the speech Kennedy rallies the people by inciting a feeling of justice because the steel company actions went against the public interest. One of the most effective times he does this is when he states that "the American people will find it hard, as I do, tiny handful of steel executives whose pursuit of private power and profit exceeds their sense of public responsibility can show such utter contempt for the interest of 185 million American".
There was approximately $12 million in foreign debt, $44 million owed to the various Colonies by the Second Congress, and roughly $25 million in state debts (Economic state, 2015, para. 3). There was no mechanism in place to help the individual states pay off their debts. Other aftermaths included losing protection of British ships as the Americans attempted to resume world trade, and an unwillingness on the part of the British to let Americans trade anywhere in their still formidable trade empire. All of this coupled with a rapid decline in demand of wartime products led to widespread inflation and unemployment in the early years of the
The discovery of oil in the Niger-Delta region of Nigeria in 1950 ushered in a new era of greater political instability. There are a number of different parties involved in the conflict, including the government, various ethnic groups competing on the oil, the identity and ownership of the land, militant groups and multi-national corporations. Although there has been an increase in economic activity in this area, the people of the Niger-Delta not benefited from revenues and approximately 70% of the population lives on a dollar per day (Rosenau, chalk, McPherson, Parker & Long, 2009). Oil activities of multinationals and the growing number of oil spills, the burning of gas and pipeline explosions have contributed to environmental degradation
The Great Crash generally refers to the stock market crash (in America - Wall Street) on 29 October, 1929. It started on Thursday, 23 October when just before the 3:00 pm bell rang, the stock prices instantly fell. For the following week stocks fell lower and faster and changed hands so fast, the machines that kept track of these stocks seemed unable to cope up with the activity. All along while President Herbert Hoover reassured the people of America that the nation was “on a sound and prosperous basis”, more panic spread and because the uncertainty and risk was rising, people wanted their money back. In all this frenzy the United States Securities Regulation agencies could have shut down the market but they feared that would only spread more fear and could have led to a violent display of the emotions of the public.
Also took away from the essential market from European and Latin American countries . Many people in these countries lost their jobs , as factories were not able to sell products to the United States , farmers raised their tariffs , and excluding American manufactured , farm products from the foreign market . Wilson Believed in low tariffs , had reduced to increase them and the demand was growing for higher tariffs . The nation Europe had have accumulated huge debts during World War One and borrowed massive amount of money from the United States to buy war goods .Around 1918 the total amount owed to the U.S. was 10 billion dollars . The United States lowered interest rate on loans .Europeans faced difficulties in repaying and the high tariffs in the U.S. prevented Europeans from earning the dollars they needed to pay off the loans
Oil was discovered in Wink, Texas in 1926. By 1929, the town had a population of 6,000. Despite the community’s success, I would not include this in my radioshow. I would not include this because it was impacted the least by the oil boom. the population of Wink, Texas drastically shrank after the oil boom was over.