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West Texas Intermediate oil price history from 1950–2000, adjusted for inflation (1947 prices). In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the 1973 Yom Kippur War, which began after Egypt and Syria launched a large-scale surprise attack ...
April 7–15: Preliminary meeting at Paris on world economic crisis between oil-exporting (Algeria, Saudi Arabia, Iran, Venezuela), oil-importing (European countries, U.S., Japan), and non-oil Third World countries (India, Brazil, Zaire). Talks collapse after nations fail to decide whether agenda should focus on oil/energy issues or have a ...
The 1973 oil crisis is a direct consequence of the US production peak in late 1960 and the beginning of 1971 (and shortages, especially for heating oil, started from there). The "embargo" as described below is the "practical name" given to the crisis.
OPEC flexed its muscles on Oct. 17, 1973 by initiating the first stages of a devastating oil embargo on the United States. In response to American support for Israel in the Yom Kippur War, 10
The Israel-Hamas conflict has revived memories of the Yom Kippur War that sparked the 1973 oil crisis. ... argued that the major oil producers in the gulf, including Saudi Arabia, ...
OPEC kingpin Saudi Arabia does not wish to impose a 1973-style oil embargo on Western consumers, the country's energy minister reportedly said Monday, amid a deepening crisis over the killing of ...
This was one of the major causes of the 1973 energy crisis that occurred in the United States. [11] After the completion of the war, the price of oil increased drastically allowing Saudi Arabia to gain much wealth and power. [12]
In this Dec. 23, 1973, file photo, cars line up in two directions at a gas station in New York City. Right-on-red was a gas-savings tool during the 1970s oil crisis.