I NEED HELP PLZ I SUCK AT HISTORY!!! WILL MARK BRAINLIEST

The collapse of Penn Square Bank in 1982 caused the bank’s closure by the FDIC, many oil and gas companies to declare bankruptcy, and __________.
A.
the temporary shutdown of the Oklahoma state government
B.
the subsequent collapse of other banks across the United States
C.
the recall of US loans made to OPEC nations
D.
a domestic oil embargo

The closing down of Penn Square Bank by FDIC due to which many oil and gas companies were bankrupted and many banks of the US country shuttered down.

Option B is the correct answer.

Who is FDIC?

FDIC is an institution set up in the country the US for providing the depositors with the money which has not been issued by the failed banks.

Penn Square Bank was closed down by FDIC as the bank was in the failure of selling off $1 billion in loans to other banks. This happens due to the involvement of Penn square bank in irregular lending which could be the biggest reason for its collapse in the year 1982.

Therefore, many banks have closed down due to the closing of Penn square bank.

Learn more about the collapse of Penn square bank in the related link:

https://brainly.com/question/20038183

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