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Feb 9, 2010 · 1973. OPEC enacts oil embargo. The Arab-dominated Organization of Petroleum Exporting Countries (OPEC) announces a decision to cut oil exports to the United States and other nations that...
- A Shoemaker Leads German Soldiers in a Robbery
On October 16, 1906, Wilhelm Voigt, a 57‑year‑old German...
- U.S. Aid to Contras Signed Into Law
In a short-lived victory for the Nicaraguan policy of the...
- Benji
On May 31, 1974, Benji, a film about a stray dog who helps...
- A Shoemaker Leads German Soldiers in a Robbery
Part of the decline in prices and economic and geopolitical power of OPEC came from the move to alternative energy sources. OPEC had relied on price inelasticity [201] to maintain high consumption, but had underestimated the extent to which conservation and other sources of supply would eventually reduce demand.
- Background to The 1970s Energy Crisis
- Energy Crisis: Effects in The United States and Abroad
- Energy Crisis: Lasting Impact
In 1948, the Allied powers had carved land out of the British-controlled territory of Palestine in order to create the state of Israel, which would serve as a homeland for disenfranchised Jews from around the world. Much of the Arab population in the region refused to acknowledge the Israeli state, however, and over the next decades sporadic attack...
In the three frenzied months after the embargo was announced, the price of oil shot from $3 per barrel to $12. After decades of abundant supply and growing consumption, Americans now faced price hikes and fuel shortages, causing lines to form at gasoline stations around the country. Local, state and national leaders called for measures to conserve ...
The oil embargo was lifted in March 1974, but oil prices remained high, and the effects of the energy crisis lingered throughout the decade. In addition to price controls and gasoline rationing, a national speed limit was imposed and daylight saving time was adopted year-round for the period of 1974-75. Environmentalism reached new heights during t...
Oct 16, 2023 · In December 1973, with panic gripping the world oil market, OPEC raised the price of a barrel—which three years earlier had been $1.80—to $11.65. In today’s dollars, that meant going from $14 a barrel to $80 a barrel.
Oct 17, 2023 · Fifty years ago today, on October 17, 1973, a group of Arab oil ministers announced an embargo on oil exports to the United States and other countries in retaliation for America’s support of Israel in the Arab-Israeli War.
Nov 22, 2013 · On October 19, 1973, immediately following President Nixon’s request for Congress to make available $2.2 billion in emergency aid to Israel for the conflict known as the Yom Kippur War, the Organization of Arab Petroleum Exporting Countries (OAPEC) instituted an oil embargo on the United States (Reich 1995).
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During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military and to gain leverage in the post-war peace negotiations.
