What Is The 1973 Oil Crisis?

The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an oil embargo on the United States in response to American support for Israel during the Yom Kippur War. The embargo caused a sharp increase in oil prices and created significant disruptions in the supply of petroleum.

The crisis had a major impact on the global economy, causing high inflation and leading to recessions in many countries. It also had a significant political impact, further damaging relations between the Arab world and the West. The embargo lasted until March 1974, when it was lifted after negotiations between OAPEC and the United States.

The 1973 oil crisis was a major event in the history of the oil industry and had a significant impact on the global economy. It is often considered to be the beginning of the modern era of oil prices.

Related Posts

1979 Energy Crisis

The 1979 Energy Crisis refers to the sudden increase in oil prices that occurred after the Iranian Revolution. This event led to an oil embargo by sever…

View Definition

2010 Flash Crash

The 2010 Flash Crash was a sudden stock market crash that occurred on May 6, 2010. The Dow Jones Industrial Average (DJIA) fell by over 1,000 points, or…

View Definition


A 401(a) is a retirement savings plan offered by many public and private employers. Employees can choose to have a certain percentage of their paycheck …

View Definition


A 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest a portion of their paycheck before taxes are taken out. …

View Definition

Accident Insurance

Accident insurance is a type of insurance that covers medical expenses and other costs incurred as a result of an accident. It can be purchased as a sta…

View Definition

457 Plan

A 457 plan is a retirement savings plan that is sponsored by an employer. Employees can contribute pretax dollars to the plan, and the funds can be used…

View Definition

More Videos