Fig 1: Gas Shortage Sign in Connecticut During Energy Crisis
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. 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.
British Island Airways on air - in a week
Fig 2: Air hostessess poses
British Island Airways was the new name BUIA, the regional affiliate of British United Airways (BUA), adopted in July 1970.[2] At that time the airline adopted a new livery as well.
When in late November of that year Caledonian Airways acquired BUA from British and Commonwealth (B&C), the owner of both BUA and BUIA at the time, the latter's assets were not included in that deal.[2] As a result, BUA's former parent company continued to own BIA.
Following the completion of BUA's sale to Caledonian on 30 November 1970, BIA officially began its life as a legal entity in its own right the following day, just a week ago.
70s Crisis Cry
Fig 3: Crisi hit times
It's the 1970s, and the stock market is a mess. It loses 40% in an 18-month period, and for close to a decade few people want anything to do with stocks. Economic growth is weak, which results in rising unemployment that eventually reaches double-digits. The easy-money policies of the American central bank, which were designed to generate full employment, by the early 1970s, also caused high inflation. The central bank, under different leadership, would later reverse its policies, raising interest rates to some 20%, a number once considered usurious. For interest-sensitive industries, such as housing and cars, rising interest rates cause a calamity. With interest rates skyrocketing, many people are priced out of new cars and homes.
