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How the 1973 Oil Embargo Changed the Auto Industry. Last week was the 40th anniversary of the first Arab oil embargo which drastically changed the automotive industry.
The oil embargo affected the car scene in multiple ways: Image Courtesy of FDPThe rise of foreign automakers: Before the 1973 oil embargo, only 13% of cars in the United States were imported. Shortly after, foreign automakers’ presence with their cars and off-road-inspired vehicles in the States dramatically rose and has been on the incline ever since.Tarnished reputations: Gas prices became more of a concern and as a result there was more of a demand to manufacture and sell smaller cars. Some brands including Lincoln and Cadillac, who were known for their larger-style vehicles, took a huge hit to their reputation.CAFE standards: The federal government began to push that automakers meet corporate average fuel economy (CAFE) standards. 17 Facts About The Decline Of The U.S. Auto Industry That Are Almost Too Crazy To Believe.
By Michael Snyder, on January 19th, 2012.
OPEC enacts oil embargo - Oct 17, 1973. Also on this day Lead Story On this day in 1931, gangster Al Capone is sentenced to 11 years in prison for tax evasion and fined $80,000, signaling the downfall of one of the most notorious criminals of the 1920s and 1930s.
Alphonse Gabriel Capone was born in Brooklyn, New York, in 1899 to Italian immigrants. He... American Revolution British general and playwright John Burgoyne surrenders 5,000 British and Hessian troops to American General Horatio Gates at Saratoga, New York, on this day in 1777. Automotive. A reputation-builder: The truck that won't die. When the Voluntary Restraint Agreement took effect in 1981, Toyota and other Japanese automakers had their passenger car imports restricted by the U.S. government.
G.M. to Close Hummer After Sale Collapses. The Hummer H2 Is the Most Embarrassing Car You Can Buy - Autotrader. I recently had the opportunity to drive a Hummer H2 hundreds of miles around Florida for three days.
This would've been the most embarrassing thing I've ever done, except that I was in Florida, so I kind of fit in. Before I get into the H2 and why I find it so embarrassing, let me discuss exactly how I came to be driving around Florida in a vehicle that easily passed for "cool" a decade ago and has since slipped into the realm of "slightly more endearing than Comcast's customer service department. " Here's what happened: I rented this H2 from Turo, which is this service that lets you rent cool, unusual, weird vehicles from normal people, instead of typical boring rental cars. Turo gives me a budget to rent cars every month, and I was going down to Florida to review some cars, so I decided I would use Turo to rent something interesting. Buying A Hummer Is A Lot Harder Than You Might Think. 2008 U.S. Gas Price Year in Review : TreeHugger. Photo Credit: Simon Davison Gas Prices in 2008 in the USA Gas prices have always been an up and down proposition.
This year has been as especially rocky year, with prices reaching the highest in history, then plummeting to a 5-year low within only a matter of months. Do Hummer H2 Drivers Know How Stupid They Look? 7 Car Brands That American Automakers Mismanaged. ADRIAN DENNIS/AFP/Getty Images We Americans love our cars.
For decades, we made the biggest and fastest cars in the world, and more of them than anywhere else, too. But for some reason, the rest of the world never really seemed to see things our way, building cars to better suit their needs instead. That was all well and good for American automakers, until they started selling over here, that is. Suddenly, the Big Three couldn’t wait to try their hand at European cars. The Top 20 Dumbest Cars Of All Time. Slide-3870759 Stupid is as stupid does...
10 Cars That Damaged GM's Reputation (With Video) Cadillac tried to sell the Cimarron as a domestic alternative to cars like the BMW 3 Series—that was just pathetic.
Ten Vehicles That Bankrupted GM. Auto Worker Salaries - FactCheck.org. A: No. That figure is derived from what the auto companies pay in wages, health, retirement and other benefits, and includes the cost of providing benefits to retirees. How much does a UAW member make at a domestic auto plant? Various sites have cited the figure at an average of seventy-three dollars an hour (The Heritage Foundation). 1985 Toyota MR2 - CarGurus. 1971 Chevrolet (USA) Monte Carlo 1gen Coupe full range specs. Federal Reserve History. On October 19, 1973, immediately following President Nixon’s request for Congress to make available $2.2 billion in emergency aid to Israel for the conflict known as the Yom Kippur War, the Organization of Arab Petroleum Exporting Countries (OAPEC) instituted an oil embargo on the United States (Reich 1995).
The embargo ceased US oil imports from participating OAPEC nations, and began a series of production cuts that altered the world price of oil. These cuts nearly quadrupled the price of oil from $2.90 a barrel before the embargo to $11.65 a barrel in January 1974. In March 1974, amid disagreements within OAPEC on how long to continue the punishment, the embargo was officially lifted. The higher oil prices, on the other hand, remained (Merrill 2007). As Arthur Burns, the chairman of the Federal Reserve at the time, explained in 1974, the “manipulation of oil prices and supplies by the oil-exporting countries came at a most inopportune time for the United States. Milestones: 1969–1976. During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military and to gain leverage in the post-war peace negotiations.
Arab OPEC members also extended the embargo to other countries that supported Israel including the Netherlands, Portugal, and South Africa. The embargo both banned petroleum exports to the targeted nations and introduced cuts in oil production. Several years of negotiations between oil-producing nations and oil companies had already destabilized a decades-old pricing system, which exacerbated the embargo’s effects. Cars wait in long lines during the gas shortage. (Library of Congress Prints and Photographs Division, U.S. The 1973 Oil Embargo acutely strained a U.S. economy that had grown increasingly dependent on foreign oil. How Detroit Went Bottom-Up. In the spring of 2005, David Stockman at last reaped the reward of the monopolist. Stockman, who once served as Ronald Reagan's budget director, spent two decades on Wall Street preparing for this moment.
After stints at Salomon Brothers and the Blackstone Group, Stockman in 1999 set up his own private investment fund, Heartland Industrial Partners. Detroit’s Production Battle to Win World War II. Free Price Quote From a Local Dealer In 1940, the United States was depleted and alone. Decades of isolation and a global depression had created a nation unresponsive to the world beyond its borders.
But the battles raging in Europe and Asia were growing steadily closer. Despite serious opposition to joining another foreign war, President Franklin Roosevelt understood the magnitude of the pending carnage. Auto Industry Bailout (GM, Chrysler, Ford) The U.S. government bailout of the auto industry lasted from January 2009 to December 2013. The rise and fall of Detroit: A timeline.
From Motor City to Motor Metropolis: Becoming the Motor City. From Motor City to Motor Metropolis: How the Automobile Industry Reshaped Urban America by Thomas J. The Packard Plant Project - History.