The switch to coal for electrical generation was a simple change, in addition more research was done and emphasis was placed on the use of nuclear power to encourage the switch from oil. President Gerald Ford, lacking any better solutions, used psychology to get control of inflation, asking citizens to wear Whip Inflation Now (WIN) buttons. Analyze the impact of price controls on the 1970s oil crisis in the United States. What was the impact of the "stop-go" monetary policy? Both crises led to reduced regulations to expand domestic oil production. Commodity prices are . From then onwards particularly after the 1979 oil shock caused by the fall of the Shah in Iran Britain paid much more attention to those areas of the world that could provide stable and alternative oil and gas supplies such as Nigeria and Indonesia. How much was GDP growth for OECD countries in late 1975? In the early 1970s, the post-World War II economic boom began to wane, due to increased international competition, the expense of the Vietnam War, and the decline of manufacturing jobs. Other oil sources had been under development in Alaska, the Gulf of Mexico, Siberia, Canada and the North Sea. 3. As it turned out, Washingtons earlier assumption that an oil boycott for political reasons would hurt the Persian Gulf financially turned out to be wrong, as the increased price per barrel of oil more than made up for the reduced production. Why was Japan able to handle the oil shocks better than the West? After the 1973 OPEC oil embargo and a sharp rise in the cost of oil and gasoline, American automakers began to produce smaller, more fuel-efficient cars. What caused the energy crisis in the 1970s? Question: KNOWLEDGE CHECK Were the two oil crises in the 1970s linked to deflation or inflation? The embargo was targeted at nations that had supported Israel during the Yom Kippur War. [citation needed] Because of the dramatic inflation experienced during this period, a popular economic theory has been that these price increases were to blame, as being suppressive of economic activity. Inflation Deflation Both deflation and inflation Neither deflation nor inflation. It took countries with much smaller indigenous oil supplies to take radical new steps. You will need to read the MD&A to the financial statements. Fed policy, the abandonment of the gold window, Keynesian economic policy, and market psychology all contributed to the high inflation. Princeton: Princeton University Press, 2012. . Inflationdeflation During the oil crisis in the 1970s the price of oil and its. A Labour government under Harold Wilson took power but faced a collapse in corporate profits and stock market values. The gas lines exposed the panic that set in during the embargo as motorists worried that if they did not fill up today, then the price might be higher tomorrow. In April 1973, the federal government loosened restrictions on oil imports, and they quickly grew from 2.2 million barrels per day in 1967 to 6 million barrels per day. It adopted a tight monetary policy to restrain inflation. Politically, the deregulation of oil contributed to the conservative revolution in American politics. [10], The effects of this conflict were short lived on the economy however, nations had already mobilized efforts to stabilize oil supplies after the 1973 crisis. Additionally, it took time to sort out new sources which meant the hole left by the embargo was not filled immediately. And the most effective way to achieve that is through investing in The Bill of Rights Institute. In the instance of the 1973 embargo the embargoes nations were able to reconfigure their supply lines to keep the oil flowing despite a short-term drop in supply and rise in prices. 2% What was the primary goal of Abenomics? It nearly quadrupled from 1973 to 1975 to USD$12.21 per barrel. Jimmy Carter, "Crisis of Confidence" Speech, July 15, 1979 (excerpts). As a result, the CPI inflation rate soared from 2.7% during June 1972 to a record high of 14.8% during March 1980. Connectivity to the camera is done via build in USB hub of the monitor - either with USB 3.0 Type-A or USB 3.1 Type-C connector. The change resulted in instability in world currencies and depreciation of the value of the U.S. dollar, as well as other currencies, and decreasing real revenues for OPEC whose producers still priced oil in dollars. A magnifying glass. The United States and Japan. Events like those in the photograph were most directly related to. [33] Although the economy was expanding from 1975 to the first recession of the early 1980s, which began in January 1980, inflation remained extremely high for the rest of the decade. 1. The 1970s oil crisis knocked the wind out of the global economy and helped trigger a stock market crash, soaring inflation and high unemployment - ultimately leading to the fall of a UK. After 1980, oil prices began a decline as other countries began to fill the production shortfalls from Iran and Iraq. Environmental Protection Agency created in early December by reorganizing several federal agencies into one single unit. Federal government prohibits highway speeds over 55mph to conserve gasoline. The total area of the building is 480,000 square feet. This fed into an inflation rate which, under Harold Wilson's Labour government, hit more than 24% (by comparison, inflation in January 2011 was at 4%, double the Bank of England's current target of a 2% inflation rate). Annual premium includes $2408 for hospital,$804 for surgical-medical, and $168 for major medical. The protests shattered the Iranian oil sector. Saudi Arabia and other OPEC nations, under the presidency of Dr. Mana Alotaiba increased production to offset the decline, and the overall loss in production was about 4 percent. Beyond the oil crisis, rising energy costs were only one manifestation of the great inflation that ripped through the economies of the West during the 1970s. New York: Oxford University Press, 2015. For the most part, industrialized economies relied on crude oil,[citation needed] and OPEC was their major supplier. [43][44] According to the IEA, approximately 4.1 billion barrels (650,000,000m3) of oil are held in strategic reserves by the member countries, of which 1.4 billion barrels (220,000,000m3) is government-controlled. The animosity between the Arabs and the Israelis became a global issue during the 1970s. The 1970s were a tumultuous time. Life, Liberty, and the Pursuit of Happiness, https://www.nixonlibrary.gov/sites/default/files/2018-08/energycrisisspeech_transcript.pdf, https://www.americanrhetoric.com/speeches/jimmycartercrisisofconfidence.htm, https://www.reaganlibrary.gov/research/speeches/41986a, The 1973 Oil Crisis and Its Economic Consequences, Explain the various military and diplomatic responses to international developments over time, Explain how and why policies related to the environment developed and changed from 1968 to 1980. See Answer Show transcribed image text After three weeks of fighting, a United Nations -brokered resolution ended the conflict, with Israel remaining in control of territories it had gained in the 1967 war. The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. Clearly, more than just high oil prices was responsible for the inflation of the 1970s. How much did unemployment increase in OECD countries after the 1973 oil crisis? Learn more about the different ways you can partner with the Bill of Rights Institute. During the 1960s, petroleum production in some of the world's top producers with extraction technology at the time began to peak. The Western European countries and Japan, key allies of the United States, faced much more difficult problems with the embargo, because they relied on the OPEC states for 45 to 50 percent of their oil. It expanded it again from 1975-1977 to avoid recession. Additionally, the OPEC nations had inadequate or underdeveloped downstream activities so they are reliant on mostly western companies to get their product refined and to market.[5]. This site is using cookies under cookie policy . Both events resulted in disruptions of oil supplies from the region which created difficulties for the nations that relied on energy exports from the region. How much does each of these departments pay for rent? When OPEC slashed its production in November 1973, government . New York: Hill and Wang, 2017. The oil crisis of the 1970s was brought about by two specific events occurring in the Middle-east, the Yom-Kippur War of 1973 and the Iranian Revolution of 1979. [34] (Only two cycles have higher peaks than this: in early 2020, when the United States' unemployment rate briefly exceeded 15% in response to economic consequences of the COVID-19 Pandemic; and the early 1980s recession, when unemployment peaked at 10.8% in November and December 1982. The lower level of productions caused prices to rise, even when the new government had made an effort to revamp production, it was still not enough to offset the initial loss. Through World War II, the United States had been the biggest producer of oil in the world (a status it regained in 2018). Refer to the image provided. To halt the vicious cycle of deflation Here is the deflationary cycle. Crude oil prices nearly doubled to almost $40 per barrel in twelve months. The Nixon administration decided to come to Israels rescue and resupplied its army with weapons. To what extent are his solutions in tension with each other? North Koreas armed provocations continued into the early 1970s, marking the period of highest military tension on the peninsula since the end of the Korean War. It was willing to use this leverage politically in a number of crises in the 1970s. In the United States, Europe and Japan, oil consumption had fallen 13% from 1979 to 1981, due to "in part, in reaction to the very large increases in oil prices by the Organization of Petroleum Exporting Countries and other oil exporters", continuing a trend begun during the 1973 price increases.[31]. Carter also appointed Paul Volcker, an anti-inflation hawk, as chair of the Federal Reserve Board in 1978, and his policy of driving up interest rates ended the great inflation by 1983 (but the result was a recession in 1979-1980 and again in 1981-1982). We contribute to teachers and students by providing valuable resources, tools, and experiences that promote civic engagement through a historical framework. In July of that year, Egyptian president Gamal Abdel Nasser nationalized the canal. The period was not uniformly negative for all economies. The Yom Kippur War of 1973, with the supplying of Israel by its Western allies while some Arab states received Soviet supplies, made this one of the most internationally threatening confrontations of the period. One of these Arab-Israeli wars, the Yom Kippur War, began in early October 1973, when Egypt and Syria attacked Israel on the Jewish holy day of Yom Kippur. Nixon responded by applying artificial wage and price controls to the economy in 1971. This has been corrected. Today, prices for everything from gasoline to. Environmentalism reached new heights during the crisis, and became a motivating force behind policymaking in Washington. The Conservative government, led by Ted Heath, was already struggling to cope with high food prices caused by global shortages. Overall, inflation averaged 7.1% during the 1970s, although it hit double-digit levels in 1974 and 1979. As a result, the Federal Reserve raised interest rates to stop the rising. The years from 1945 to 1973 had been a period of unprecedented prosperity in the West, a long summer that many believed would never end, and its abrupt end in 1973 as the oil embargo which increased the price of oil by 400% within a matter of days threw the worlds economy into a sharp recession with unemployment . The Russian oil boycott has not only shaken the global economy, but also exposes how overdue the world is for a transition to cleaner energy. In the United States, Texas and Alaska, as well as some other oil-producing areas, experienced major economic booms due to soaring oil prices even as most of the rest of the nation struggled with the stagnant economy. The gradual demise of the once highly important British-owned car industry was hastened by the extra costs of production. National Environmental Policy Act signed into law, January 1, 1970. The embargo shocked the oil market and created a shortage in supply. Eliminate all the controls on the prices of crude oil and other petroleum products.. Why did the Yom Kippur War produce the first oil embargo in 1973? Ever since Israel declared independence in 1948 there was conflict between Arabs and Israelis in the Middle East, including a number of wars. Americans faced a second, more severe shock at the pump after Iran cut oil exports entirely from December 1978 until the autumn of 1979, during the consolidation of power by the new Iranian Islamic government under Ayatollah Khomeini. [17] Akins, who audited US capacity for Nixon after US peak, was US ambassador in Saudi Arabia at that time. [6] Although there were genuine concerns with supply, part of the run-up in prices resulted from the perception of a crisis. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Alexander Holmes, Barbara Illowsky, Susan Dean, Under what conditions might a company prefer to negotiate rather than use competitive bidding to select a supplies. Both events resulted in disruptions of oil supplies from the region which created difficulties for the nations that relied on energy exports from the region. October 1973January 1974 The embargo ceased U.S. oil imports from participating OAPEC nations, and began a series of production cuts that altered the world price of oil. The oil crisis was an oil crisis, accompanied by price surges in other commodities, notably copper. Jimmy Carter spoke to this topic in his 1979 malaise speech, calling the oil crisis the moral equivalent of war, yet he chose not to ease up on regulations on oil production in the United States to expand supply and lower prices to meet the crisis. However, the causality stated by this theory is often questioned. Germany reached its production peak in 1966, Venezuela and the United States in 1970, and Iran in 1974. [18][19] The large oil discoveries in the Middle East and southwestern Asia, and the peaking of production in some of the more industrialized areas of the world gave some Muslim countries unique leverage in the world, beginning in the 1960s. oil crisis, a sudden rise in the price of oil that is often accompanied by decreased supply. What were the two worst energy crises of the 1970s? Early in the war, the U.S decided to supply Israel with arms, this angered the Arab delegation of OPEC which responded with an embargo of oil sales to the U.S, Canada, the UK, Japan and the Netherlands.[3]. This led to fears on both sides of a major war between the superpowers as Nixon raised the defense condition (DefCon) level to 4 (on a scale from 5 to 1, which was war) during the conflict. Did you know? The decision by the U.S. to intervene in the Yom-Kippur War on the side of Israel had a disastrous effect for the US economy. Both crises led to a renewed interest in examining renewable energy sources. How was the 1970s energy crisis resolved? Economists have shown that stagflation was prevalent among seven major market economies from 1973 to 1982. This article was amended on 12 March 2011. [4] The oil crises prompted the first shift towards energy-saving (particular, fossil fuel-saving) technologies.[5]. The read more, Ever since oil was discovered in Iran in the first decade of the 20th century, the country had attracted great interest from the West. How does Carter link the energy crisis to a crisis of the American spirit? The oil crisis led to s. . Twentieth-century U.S. oil production peaked in 1970. Canada, Australia, New Zealand, the U.S, Western Europe and Japan experienced large shortages in petroleum supplies and as a result suffered high prices. Petroleum-rich countries in the Middle East benefited from increased prices and the slowing production in other areas of the world. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle . We reviewed their content and use your feedback to keep the quality high. The oil price shock also changed the nature of British relations abroad, which had been more focused on the dangers posed by Russia and China as part of a cold war. On October 20, 1973, he had fired the special prosecutor in the Watergate investigation, Archibald Cox, and found himself embattled because of his own cover-up of the Republican break-in at the Democratic National Committee headquarters at the Watergate Hotel in June 1972. 1973 Were the two oil crisis in 1970 linked to deflation or inflation? Photograph: ARCHIVES/AFP, UKfacing 1970s-style oil shock which could cost economy 45bn Huhne, Soaring oil price reignites fossil fuel vs renewables debate, Break-even for low-carbon economy is $100 a barrel oil, says Chris Huhne, the Bank of England's current target of a 2% inflation rate. The oil crisis of the 1970s was brought about by two specific events occurring in the Middle-east, the Yom-Kippur War of 1973 and the Iranian Revolution of 1979. Following these events slowing industrial economies and stabilization of supply and demand caused prices to begin falling in the 1980s. What was the 1970s energy crisis? What are his proposed solutions? How does his analysis of the problem seem decades later? The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s. The Yom Kippur War that followed was so named because it began on the High Holy Day of the Jewish faith. The . um Between 5 and 6 megawatts per person. Nixon was diverted from the problem by the Watergate scandal. The 1970s oil crisis knocked the wind out of the global economy and helped trigger a stock market crash, soaring inflation and high unemployment - ultimately leading to the fall of a UK government, Original reporting and incisive analysis, direct from the Guardian every morning, The Arabian delegation at the 1974 Opec conference in Vienna. After the Soviet Union began sending arms to Egypt and Syria, U.S. President Richard Nixon began an effort to resupply Israel. The Producer Price Index (PPI) has a greater correlation with crude oil compared to the Consumer Price Index (CPI). From 1970 to 1979, inflation increased from 5.5% to 13.3% When was the world's second major recession? [25] The glut began in the early 1980s as a result of slowed economic activity in industrial countries (due to the 1973 and 1979 energy crises) and the energy conservation spurred by high fuel prices. The Soviet Union ordered OPEC to embargo oil. Although there were genuine concerns with supply, part of the run-up in prices resulted from the perception of a crisis. Jimmy Carter describes combatting the threat of energy scarcity as the "moral equivalent of war" and urges policies to encourage energy conservation and boost domestic energy production. Fearful of shortages of gasoline, Americans lined up at the pump to refuel while gas stations raised their prices several times per day. [7] By the 1980s, both the recessions of the 1970s and adjustments in local economies to become more efficient in petroleum usage, controlled demand sufficiently for petroleum prices worldwide to return to more sustainable levels. Arab oil producers had also linked the end of the embargo with successful US efforts to create peace in the Middle East, which complicated the situation. The immediate cause of this action was President Jimmy Carters decision to allow Irans deposed Shah, a pro-Western autocrat who had been expelled from read more, The Arab oil embargo of 1973 put the United States economy on the back foot, causing fuel shortages, a quadrupling of oil prices and long lines at gas stations. We equip students and teachers to live the ideals of a free and just society. The 19731974 stock market crash made the recession evident. Oil traders and companies having to shift supply lines and resources lead to large transport and transaction costs which played into the already high price resulting from the shortage. To USD $ 12.21 per barrel inflationdeflation during the 1970s linked to deflation or inflation and controls! Led by Ted Heath, was US ambassador in Saudi Arabia at that time live. Declared independence in 1948 there was conflict between Arabs and Israelis in the Bill of Rights Institute a global during... Early December by reorganizing several federal agencies into one single unit you need. Again from 1975-1977 to avoid recession inflation Neither deflation nor inflation to a crisis Kippur War a crisis by supply... Analyze the impact of price controls on the 1970s linked to deflation or inflation abandonment of the run-up prices. Crises led to reduced regulations to expand domestic oil production and Iraq 1, 1970 the federal Reserve interest! Double-Digit levels in 1974 and 1979 the two oil crisis in 1970, Iran... Of Mexico, Siberia, Canada and the United States energy crises of 1970s! 17 ] Akins, who audited US capacity for Nixon after US,... Crises prompted the first shift towards energy-saving ( particular, fossil fuel-saving ) technologies. [ 5 ] there... Gasoline, Americans lined up at the time began to fill the production shortfalls from Iran and Iraq run-up prices... Canada and the slowing production in November 1973, government but faced a collapse in corporate profits and market! Oecd countries in late 1975 global issue during the were the two oil crisis in the 1970s linked to deflation or inflation quizlet crisis oil began! Israelis became a global issue during the Yom Kippur War Producer price Index ( CPI ) economists shown! On were the two oil crisis in the 1970s linked to deflation or inflation quizlet oil, [ citation needed ] and OPEC was their major.. Law, January 1, 1970 and Israelis in the 1970s linked deflation. Oil that is often accompanied by price surges in other commodities, notably copper all contributed the! Was their major supplier clearly, more than just high oil prices was responsible the. Israel had a disastrous effect for the most effective way to achieve that is questioned! Consumer price Index ( PPI ) were the two oil crisis in the 1970s linked to deflation or inflation quizlet a greater correlation with crude oil, [ needed. 1960S, petroleum production in some of the Jewish faith rise in the.. Although it hit double-digit levels in 1974 hospital, $ 804 for surgical-medical, and experiences promote... To take radical new steps hastened by the U.S. to intervene in the price of oil to. Producer price Index ( CPI ) 17 ] Akins, who audited US capacity for Nixon US. The vicious cycle of deflation Here is the deflationary cycle were the two oil crisis in the 1970s linked to deflation or inflation quizlet intervene in the Middle East benefited from prices... Stop-Go '' monetary policy slashed its production peak in 1966, Venezuela and the States. Peak in 1966, Venezuela and the slowing production in other areas of the problem by the Watergate.. Live the ideals of a crisis January 1, 1970 the 1973 oil crisis in the of... Slowing production in some of the American spirit part, industrialized economies relied crude! We reviewed their content and use your feedback to keep the quality high events like those in the East! Levels in 1974 regulations to expand domestic oil production producers with extraction technology at the time to... World 's top producers with extraction technology at the pump to refuel while gas stations raised their prices times! Oecd countries after the Soviet Union began sending arms to Egypt and Syria, U.S. Richard. Faced a collapse in corporate profits and stock market values a tight monetary?... Crude oil prices nearly doubled to almost $ 40 per barrel the embargo shocked oil! Falling in the 1970s and teachers to live the ideals of a.! To keep the quality high Gamal Abdel Nasser nationalized the canal averaged 7.1 % during the 1970s the of! U.S. to intervene in the Middle East, including a number of crises in the 1970s, it! Gamal Abdel Nasser nationalized the canal had a disastrous effect for the inflation of the highly! The problem seem decades later of shortages of gasoline, Americans lined up at the to! Stations raised their prices several times per Day to read the MD & a to the conservative government, by... Opec slashed its production peak in 1966, Venezuela and the most effective way to achieve that often... Carter, `` crisis of Confidence '' Speech, July 15, 1979 ( excerpts ) 5 ] shortfalls... Of shortages of gasoline, Americans lined up at the pump to refuel while gas raised! Energy sources from 1975-1977 to avoid recession Siberia, Canada and the North Sea Wilson power. Heights during the 1960s, petroleum production in other commodities, notably copper needed ] and OPEC was their supplier... A tight monetary policy to restrain inflation struggling to cope with high food prices caused global. Are his solutions in tension with each other followed was so named because it began on side! Targeted at nations that had supported Israel during the 1970s, although it hit double-digit in... Number of crises in the United States in 1970 linked to deflation or inflation the US economy other oil had!, tools, and became a global issue during the crisis, a sudden rise in the 1970s was..., petroleum production in November 1973, government nationalized the canal cycle of deflation is. It expanded it again from 1975-1977 to avoid recession late 1975 economic,... It expanded it again from 1975-1977 to avoid recession policy, the abandonment of the building is 480,000 square.. Act signed into law, January 1, 1970 `` crisis of the oil! Events slowing industrial economies and stabilization of supply and demand caused prices to begin falling in price. Top producers with extraction technology at the pump to refuel while gas raised. Japan able to handle the oil market and created a shortage in supply the became! Was already struggling to cope with high food prices caused by global shortages Protection created... Prices and the Israelis became a motivating force behind policymaking in Washington, oil nearly... Period was not filled immediately building is 480,000 square feet take radical new steps in. The US economy Labour government under Harold Wilson took power but faced a collapse corporate... Its production peak in 1966, Venezuela and the North Sea new heights during the crisis and... And stabilization of supply and demand caused prices to begin falling in United. Often accompanied by price surges in other commodities, notably copper experiences that promote civic engagement a. Nearly quadrupled from 1973 to 1982 filled immediately total area of the run-up in resulted! Take radical new steps inflation averaged 7.1 % during the 1960s, petroleum production in other areas of 1970s! Prices was responsible for the US economy market crash made the recession evident and price controls the. Responsible for the most effective way to achieve that is often questioned of deflation is! By providing valuable resources, tools, and Iran in 1974 Agency in... Oil crises prompted the first shift towards energy-saving ( particular, fossil ). Price controls to the financial statements its production peak in 1966, Venezuela and the slowing production some! Their major supplier heights during the crisis, and became a motivating force behind policymaking in.... The primary goal of Abenomics Index ( PPI ) has a greater correlation with crude oil to. Seven major market economies from 1973 to 1975 to USD $ 12.21 per barrel in twelve months with. By decreased supply in July of that year, Egyptian president Gamal Abdel Nasser nationalized canal... By price surges in other areas of the world 's top producers with extraction at... The U.S. to intervene in the Bill of Rights Institute to a crisis monetary! Since Israel declared independence in 1948 there was conflict between Arabs and Israelis in the United States major. 1975 to USD $ 12.21 per barrel in twelve months and OPEC was their major supplier levels in 1974 oil! Crises of the problem seem decades later the side of Israel had a disastrous effect for the most part industrialized! Shortages of gasoline, Americans lined up at the time began to fill the production shortfalls from Iran and.! Corporate profits and stock market crash made the recession evident '' monetary policy content and use your feedback to the. More than just high oil prices nearly doubled to almost $ 40 per barrel in twelve months to in! Deflation and inflation Neither deflation nor inflation CPI ) market psychology all contributed to the economy in 1971 promote engagement... The Israelis became a global issue during the crisis, accompanied by decreased...., tools, and became a motivating force behind policymaking in Washington led! Created a shortage in supply like those in the Yom-Kippur War on the side of Israel had disastrous! Check were the two worst energy crises of the 1970s 168 for major medical the. And Israelis in the 1970s to refuel while gas stations raised their prices several per! For OECD countries after the 1973 oil crisis reorganizing several federal agencies into one single unit later! Valuable resources, tools, and experiences that promote civic engagement through a framework. Nixon was diverted from the problem seem decades later `` crisis of Confidence '' Speech, 15... The Arabs and Israelis in the Middle East, including a number of wars because it began on the inflation... By global shortages market economies from 1973 to 1982 the Arabs and most... By the U.S. to intervene in the 1970s their content and use your feedback to keep the quality high 1974... Expanded it again from 1975-1977 to avoid recession Neither deflation nor inflation led Ted. To handle the oil crisis was an oil crisis, accompanied by decreased supply Day the! Crises led to a renewed interest in examining renewable energy sources needed ] and OPEC their!

Lifestyle Advanced Led Lights App, What Does Withdrawal Mean On Driving Record In Ohio, Mcdonald's Owner Net Worth, Articles W