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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]
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 ...
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 ...
In 1973 imposed an oil embargo in retaliation of the US supporting Israel during the Yom Kippur War causing the price of oil to spike. At the time of the oil embargo, 85% of Canada's oil came from Alberta. Pierre Trudeau responded to the embargo by imposing an oil export tax, forcing Alberta into giving a discounted price to the rest
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 ...
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Beaufort Sea exploration activity followed oil prices: it was kick-started by the Arab Oil Embargo in 1973 and withered as prices fell in the early 1980s. Canada's National Energy Program, which was announced just as prices peaked in 1980, imposed price controls on Canadian oil and further suppressed investment.
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]