In 1983, oil prices in Texas fell from $34 to $10 per barrel causing oil firms to struggle to stay in business which ultimately led to many Texans losing their jobs. This period of great profits followed by a sharp decline is known as?
• Oil Embargo
• Boom-and-Bust
• Great Depression
• New Deal
Boom-and-Bust.
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The correct answer is "Boom-and-Bust".
To arrive at this answer, let's break down the options given:
1. Oil Embargo: An oil embargo refers to a situation where one country restricts or halts the export of oil to another country. This does not accurately describe the situation described in the question, where the decline in oil prices led to economic struggles.
2. Boom-and-Bust: This term describes a pattern in which an industry or economy experiences a period of rapid growth (boom) followed by a sudden and severe downturn (bust). This accurately reflects the situation in the question, where oil prices initially rose greatly and then sharply declined, leading to struggles for oil firms and job losses.
3. Great Depression: The Great Depression refers to a severe worldwide economic downturn that lasted from 1929 to the late 1930s. While the oil price decline in Texas had negative economic consequences, it does not equate to the scale or duration of the Great Depression.
4. New Deal: The New Deal refers to a series of economic programs and reforms implemented by the United States government in response to the Great Depression. This term is not applicable to the situation described in the question.
Therefore, the correct answer is "Boom-and-Bust".