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32._The_Adjustment_Revised_F09

32._The_Adjustment_Revised_F09 - 32.TheAdjustment 1...

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1 32. The Adjustment
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2 Major Themes A reversal of roles, developed vs.  OPEC A huge structural adjustment Alternative fuels Other sources for oil Conservation Economic growth & democracy Policy changes
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3 National Energy Policy  Responses Changes in marketplace “Objective conditions” Supply-demand; price-stability Countries sought to secure their own energy  source after the embargo. Japan put the majority of their effort into  energy conservation, while lightly pursuing  other energy sources. Set the standard. “energy intensive” vs. “knowledge intensive” The French heavily researched nuclear power.   
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4 Obscene Profits Hearings were conducted  in early 1974 on the oil  crisis and the oil  companies’ role.  Henry  Jackson led these  hearings. Jackson slammed the  companies with his  questions, making them  look pathetic and selfish.
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