the usa experienced two oil price shocks, one in 1973 and one in 1979, that occurred because of middle east conflict. what was the impact here? oil price increases caused an abrupt change to cars powered by waste oil, such as from the frying vats common in fast-food restaurants. oil price increases stimulated a rapid expansion in licensing of small, local nuclear reactors, hundreds of which were completed by the end of fiscal year 1980. oil price increases led to a sudden drop in the value of suburban real estate, which created such enormous disincentives for low-density suburban housing construction that suburban sprawl essentially ended by 1985. none of the above.
