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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 ...
In the United States, Europe and Japan, oil consumption had fallen 13% from 1979 to 1981, due to "in part, in reaction to the very large increases in oil prices by the Organization of Petroleum Exporting Countries and other oil exporters", continuing a trend begun during the 1973 price increases. [32]
Even though the oil embargo was lifted in March 1974, the damage was done and prices remained high throughout most of the decade. Anger over gas prices followed President Jimmy Carter into office ...
The U.S.’s decision to back Israel in the conflict ultimately led to an oil embargo and production cuts from the Organization of Arab Petroleum Exporting Countries (OAPEC), which caused the ...
The oil embargo of 1973–1974, which pushed prices of petroleum from $15 to $45 a barrel (2010 dollars) almost overnight, certainly contributed to inflationary measures during this period, taking a larger share of incomes (an "oil tax") at a time of falling consumer spending. [21]
In a speech Wednesday marking the 50th anniversary of the 1973 oil embargo, Sommers said current U.S. production contrasts sharply with “America’s weakened position during the Arab oil embargo.''
The 1973 oil crisis caused a sudden and marked increase in the cost of oil and, by extension, gasoline. By the end of the crisis, in March 1974, the price of oil had nearly quadrupled, from U.S. $3 per barrel ($21 in 2023 dollars [50]) to nearly $12 globally ($82 in 2023 dollars [50]); U.S. prices were significantly higher. [51]
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