Sentences with phrase «devastated by oil price»
Although the U.S. economy is more stable and stronger than it was in the 1970s, when it was devastated by oil price shocks in 1973 and again in 1978 — 79, it could slip into recession in the same way it did coming off the Gulf War oil price shocks in 1990.
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In the light of the crash in global crude oil price, which is Nigeria's main foreign exchange earner, the devastating actions of aggrieved militants on oil and gas infrastructure in the oil - rich Niger Delta which has resulted in lock - in or leakages of crude oil, sometimes in excess of one million barrels that could have been exported daily, and the consequential rapid decline in the well - being of the masses, the urgency to fix the Nigerian economy by changing tactics from sole reliance on oil, becomes more poignant and urgent, hence the need for international experts to aid diversification efforts of the government.