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.

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