How did oil and gas prices affect the economy during cater presidency?

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2026-02-23 08:15

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During Carter's presidency, oil and gas prices surged due to the 1979 energy crisis, which was triggered by the Iranian Revolution and subsequent oil supply disruptions. This led to rampant inflation, increased production costs, and a recession, as high energy prices affected nearly all sectors of the economy. Consumer spending declined due to rising fuel costs, and the economic instability highlighted the U.S.'s dependency on foreign oil. Carter's administration faced significant challenges in addressing these economic issues, which contributed to his lower approval ratings and impacted the 1980 election.

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