The correct answer is: Higher oil prices brought wealth to the state.
In 1973, OPEC (Organization of the Petroleum Exporting Countries) implemented restrictions on oil production, which led to an increase in oil prices. As Texas was a major oil-producing state in the US, this restriction had a positive impact on the state's economy. Higher oil prices meant increased revenue, job growth, and income for Texas. Therefore, OPEC's restrictions on oil production in 1973 brought wealth to Texas rather than any negative impact.
How was Texas affected by OPEC’s restrictions on oil production in 1973?
• Competition from OPEC countries meant fewer jobs in Texas.
• Higher oil prices brought wealth to the state.
• Many Texans returned to rural areas.
• Transportation industries became more profitable.
1 answer