Economic sanctionsEconomic sanctions are commercial and financial penalties applied by states or institutions against states, groups, or individuals. Economic sanctions are a form of coercion that attempts to get an actor to change its behavior through disruption in economic exchange. Sanctions can be intended to compel (an attempt to change an actor's behavior) or deterrence (an attempt to stop an actor from certain actions). Sanctions can target an entire country or they can be more narrowly targeted at individuals or groups; this latter form of sanctions are sometimes called "smart sanctions".
Iraq WarThe Iraq War was a protracted armed conflict in Iraq from 2003 to 2011 that began with the intervention in Iraq by the United States-led coalition that overthrew the Iraqi government of Saddam Hussein. The conflict continued for much of the next decade as an insurgency emerged to oppose the coalition forces and the post-invasion Iraqi government. US troops were officially withdrawn in 2011. The United States became re-involved in 2014 at the head of a new coalition, and the insurgency and many dimensions of the armed conflict are ongoing.
Price of oilThe price of oil, or the oil price, generally refers to the spot price of a barrel () of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level. The global price of crude oil was relatively consistent in the nineteenth century and early twentieth century.
HatchbackA hatchback is a car body configuration with a rear door that swings upward to provide access to the main interior of the car as a cargo area rather than just to a separated trunk. Hatchbacks may feature fold-down second-row seating, where the interior can be reconfigured to prioritize passenger or cargo volume. While early examples of the body configuration can be traced to the 1930s, the Merriam-Webster dictionary dates the term itself to 1970.
Suez CrisisThe Suez Crisis, or the Second Arab–Israeli war, also called the Tripartite Aggression (Al-ʿUdwān aṯ-Ṯulāṯiyy) in the Arab world and the Sinai War in Israel, was an invasion of Egypt in late 1956 by Israel, followed by the United Kingdom and France. The aims were to regain control of the Suez Canal for the Western powers and to remove Egyptian president Gamal Abdel Nasser, who had just nationalised the foreign-owned Suez Canal Company, which administered the canal. Israel's primary objective was to re-open the blocked Straits of Tiran.
Faisal of Saudi ArabiaFaisal bin Abdulaziz Al Saud (فيصل بن عبدالعزيز آل سعود Fayṣal ibn ʿAbd al ʿAzīz Āl Suʿūd, Najdi Arabic pronunciation: fajsʕal ben ˈʕabd alʕaˈziːz ʔaːl saˈʕuːd; 14 April 1906 – 25 March 1975) was a Saudi Arabian statesman and diplomat who was King of Saudi Arabia from 2 November 1964 until his assassination in 1975. Prior to his ascension, he served as Crown Prince of Saudi Arabia from 9 November 1953 to 2 November 1964, and he was briefly regent to his half-brother King Saud in 1964.
1970s energy crisisThe 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports. 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.
1979 oil crisisA drop in oil production in the wake of the Iranian Revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to . The sudden increase in price was connected with fuel shortages and long lines at gas stations similar to the 1973 oil crisis. In 1980, following the onset of the Iran–Iraq War, oil production in Iran fell drastically.
Price controlsPrice controls are restrictions set in place and enforced by governments, on the prices that can be charged for goods and services in a market. The intent behind implementing such controls can stem from the desire to maintain affordability of goods even during shortages, and to slow inflation, or, alternatively, to ensure a minimum income for providers of certain goods or to try to achieve a living wage. There are two primary forms of price control: a price ceiling, the maximum price that can be charged; and a price floor, the minimum price that can be charged.
Edward HeathSir Edward Richard George Heath (9 July 1916 - 17 July 2005), commonly known as Ted Heath, was a British politician who served as Prime Minister of the United Kingdom from 1970 to 1974 and Leader of the Conservative Party from 1965 to 1975. Heath also served for 51 years as a Member of Parliament from 1950 to 2001. Outside politics, Heath was a yachtsman, a musician, and an author. Born to a lady's maid and a carpenter, Heath was educated at a grammar school in Ramsgate, Kent (Chatham House Grammar School for boys) and became a leader within student politics while studying at the University of Oxford.
