1970s Global Oil Crisis: Difference between revisions
The Noronha Incident added to the 1970s Oil Crisis page
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The crisis underscored the economic disparities between oil-producing nations and oil-dependent economies. As prices soared and shortages loomed, nations possessing oil reserves experienced substantial economic windfalls. However, nations heavily reliant on oil imports faced dire economic consequences, grappling with high inflation, reduced economic growth, and strained trade balances.
==== The Noronha Incident (1971) ====
== See also ==▼
The oil crisis is considered to be the trigger event for the Noronha Incident. Also known as the quasi-Pernambucan-Brasilian War of 1971.
The situation over the ownership of the Fernando de Noronha island, home to 1,800 people in 1970, and also the not-inhabited Atol das Rocas, two strategic territories on the tropical Atlantic Ocean near the coast of Pernambuco, has been a matter of dispute since the late 19th century. In 1879, Portugal recognized Equador's sovereignty over the islands. But shortly after, in 1881, during the Pernambucan War of Secession, Portuguese forces once again took control over them. Pernambuco, after obtaining independence, started to claim the islands. In 1922, both Fernando de Noronha and Atol das Rocas were transferred to Brasilian sovereignty, and they have remained as such ever since.
During the period of the crisis, Brasil started to invest more in the offshore extraction of oil in the Atlantic near the provinces of Rio de Janeiro and Sao Paulo. Brasil also started studies to locate possible oil reserves near the Pernambucan coast, a move that triggered a response from the Pernambucan government. On July 6, 1971, several Pernambucan warships moved to the waters controlled by Brazil as a way of warning the Brazilian fleet.
This move rapidly caught Britain’s eye, which declared support for Brasil in the event of conflict. The British also stated the Pernambucan fleet could not be used to threaten other nations since they were leased from Britain until 1990, so technically not under their total sovereignty. Britain also declared itself willing to be the mediator at an accord conference. This conference took place in the Pernambucan city of Parahiba on September 12th, but neither side achieved an agreement, therefore continuing the dispute to this day.
▲== See also ==
* [[Great Nuclear Scare]]
* [[Eastern Joint Development Organization]]
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