Today In History

October 17 in History

1973 – OPEC imposes an oil embargo against countries they deem to have helped Israel in the Yom Kippur War

By Editor_1 0
-notevenpast.org

The 1973 oil crisis began on this day when members of the Organization of Arab Petroleum Exporting Countries (OPEC) led by Saudi Arabia proclaimed an oil embargo targeting nations perceived as supporting Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen nearly 300%, from US$3 per barrel ($19/m3) to nearly $12 per barrel ($75/m3) globally; US prices were significantly higher. The embargo caused an oil crisis, or “shock”, with many short- and long-term effects on global politics and the global economy.

-Wikipedia

 

 

Editor_1
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