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Responding to Japanese occupation of key airfields in Indochina (July 24) after an agreement between Japan and Vichy France, the U.S. froze Japanese assets on July 26, 1941, and on August 1, it established an embargo on oil and gasoline exports to Japan. [15] [16] [17] The oil embargo was an especially strong response because oil was Japan's ...
It is an example of Japanese propagandists portraying Japan as the protector of Asia, as in the name of the Japanese Empire's colonial holdings, the Greater East Asia Co-Prosperity Sphere. [2] This wartime narrative portrayed Japan fighting against Western Colonialists and Chinese Communists primarily, overlooking the primacy of resource rich ...
As a result, the US government imposed trade sanctions on Japan, including the freezing of Japanese assets in the United States; this effectively created an embargo of oil exports, as Japan did not have the necessary currency with which to buy American oil. [1] Dean Acheson, a senior U.S. State Department official, was the key decision maker ...
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 ...
The embargo, which halted the shipment of material such as airplanes, parts, machine tools, and aviation gasoline, was designed to be an unfriendly act. However, expanding it to include oil was specifically avoided. Since Japan was dependent on US oil, it was then thought that it would be a provocative step. [7]
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For Tokyo, this approach has been driven by painful memories of the 1973 oil crisis, when Middle East producers issued an embargo targeted at nations, including Japan, that supported Israel during ...
Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and push prices higher. The Israel-Hamas war is “definitely ...