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This page is subject to the extended confirmed restriction related to the Arab-Israeli conflict. 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 ...
Lawrence Rocks and Richard Runyon captured the unfolding of these events at the time in The Energy Crisis book. [19] [20] In October 1973, the members of Organization of Arab Petroleum Exporting Countries or the OAPEC (consisting of the Arab members of OPEC) proclaimed an oil embargo "in response to the U.S. decision to re-supply the Israeli ...
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. Deutsche Bank’s strategists even warned this week that the odds of 1970s-style stagflation ...
The oil crisis of 1973 also had similarly large negative effects on other countries that relied heavily on imported oil, such as France, Sweden, Japan, Finland, Belgium, Luxembourg, and Denmark. In Sweden's particular case, the recession proved devastating to the shipping, ship-building, and logging and mining industries.
Famous-Barr at St. Clair Square even announced that all exterior Christmas lighting decorations and replacement bulbs would be taken off the shelves to conserve energy.
The second major shock was the 1973 oil crisis, when the Organization of Petroleum Exporting Countries constrained the worldwide supply of oil. [26] Both events, combined with the overall energy shortage that characterised the 1970s, resulted in actual or relative scarcity of raw materials.
President Dwight Eisenhower suggested an oil reserve after the 1956 Suez Crisis. The Cabinet Task Force on Oil Import Control recommended a similar reserve in 1970. Few events so dramatically underscored the need for a strategic oil reserve as the 1973-74 oil embargo. U.S support for the Israelis during the war of Arab-Israeli war of 1973 ...