34._We_re_Going_Down_Revised_S08 - 34. Were Going Down...

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34. We’re Going Down
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Major Points Second oil price shock occurred in 1979 after Iranian revolution- set off panic buying Iran-Iraq War in 1980 distorted the oil market into believing a permanent shortage Inventories are very important Markets adjust & can break quickly as expectations change
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From Bad to Worse November, 1979, with the Shah gone from Iran, 63 Americans in the US embassy were taken hostage. Sit in-occupation-mass kidnapping-bizarre circus This action was motivated by hatred for the US, where the Shah was residing at the time. Egypt-Morocco-Bahamas-Mexico-US-Panama-Egypt This sent shockwaves of anti-US sentiment throughout the region US and the West were in decline and on the defensive The Soviet Union took this opportunity to invade Afghanistan.
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Dark Times President Carter warned that any attempt by an outside force to control the Persian Gulf would be met with force. The Shah left the US and died in Egypt in July of 1980; 1 ½ years after leaving Tehran. Carter responded to the hostage crisis by freezing all
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This note was uploaded on 04/19/2011 for the course EGEE 120 taught by Professor Considine,timothy during the Spring '07 term at Pennsylvania State University, University Park.

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34._We_re_Going_Down_Revised_S08 - 34. Were Going Down...

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