 60EY&list=PLCGtWrfZ32ai9EH4QmRzV4Ywu XQKwytz4 60EY&list=PLCGtWrfZ32ai9EH4QmRzV4Ywu XQKwytz4

1. Oil 2. Prices 3. Demand 4. Profit 5. Unemployment 6. Economy

 Stagflation—recession and inflation occurring at the same time  Causes:  Economic downturn due to reduction in Vietnam production (recession)  International business competition (recession)  Oil embargo placed on U.S. by OPEC ▪ Price of oil skyrocketed by 400%  The price of any good or service associated with oil skyrocketed (inflation)  energy.com/Products%20from%20Petroleum.htm%20from%20Petroleum.htm energy.com/Products%20from%20Petroleum.htm%20from%20Petroleum.htm

 1970s faced rising prices—inflation  1970: gallon of gas $0.36, gallon of milk $1.15, dozen eggs $0.62  1979: gallon of gas $0.86, gallon of milk $1.62, dozen eggs, $0.85

 Inflation rate from 1900 to 1970—2.7%  Inflation rate from 1970 to 1979—13.8%  Many Americans had to change lifestyle  Due primarily to the increase in oil from OPEC  Gas was rationed to limit purchase from OPEC  Only could buy gas on even or odd days  Led to research in alternative fuel sources

 Nixon criticized the Warren Court for being to liberal and easy on criminals.  Four of nine Sup. Crt justices died, resigned, or retired during Nixon’s first term  Extraordinary power to reshape the Sup. Crt.  Nixon replaced Warren with Warren Burger, a conservative

 At the bottom of the handout, create a summary  3 new programs of Nixon’s  2 election years and opponents  1 way that you’ll remember Richard Nixon