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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 ...
The 1973 oil crisis was a direct consequence of the US production peak in late 1960 and the beginning of 1971 (and shortages, especially for heating oil, started from there). The "embargo" as described below is the "practical name" given to the crisis. For the main Arab producers, the "embargo" allowed them to show to "the Arab street" that ...
Right-on-red spread across the country in the 1970s in response to the Arab oil embargo against the United States and oil rationing. States introduced it as a gas-savings measure: The theory was ...
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 ...
October 17: OPEC oil ministers agree to use oil weapon in Arab-Israeli War, mandate cut in exports, and recommend embargo against unfriendly states. October 19: Saudi Arabia, Libya, and other Arab states proclaim an embargo on oil exports to the United States. October 23: Arab oil embargo extended to the Netherlands.
Fifty years after the 1973 Arab oil embargo, the current crisis in the Middle East has the potential to disrupt global oil supplies and push prices higher. The Israel-Hamas war is “definitely ...
In October 1973, the Organisation of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab majority of OPEC plus Egypt and Syria) declared significant production cuts and an oil embargo against the United States and other industrialized nations that supported Israel in the Yom Kippur War.
Today, Oct. 19, is the 45th anniversary of the OPEC oil embargo against the U.S. It was this move that spurred the 1970s energy crisis and helped in part lead to the stagflation of 1973 to 1975.