The 1973 oil crisis was a major factor in japan's economy shifting from oil-intensive industries, and resulted in huge japanese investments in industries such as electronics the japanese auto makers also took advantage of this embargo. The 1973 oil crisis started in october 1973, when the members of organization of arab petroleum exporting countries or the oapec (consisting of the arab members of opec, plus egypt, syria and tunisia) proclaimed an oil embargo. By january 1974, world oil prices were four times higher than they had been at the start of the crisis the situation was further complicated by expansionary fiscal policy implemented by president nixon that predated the embargo, which resulted in inflation.
The arab-dominated organization of petroleum exporting countries (opec) announces a decision to cut oil exports to the united states and other nations that provided military aid to israel in the yom kippur war of october 1973. The opec oil embargo was a decision to stop exporting oil to the united states on october 19, 1973, the 12 opec members agreed to the embargo over the next six months, oil prices quadrupled prices remained at higher levels even after the embargo ended in march 1974.
At opec’s tehran conference in december, oil prices were raised another 130 percent, and a total oil embargo was imposed on the united states, the netherlands, and denmark eventually, the price of oil quadrupled, causing a major energy crisis in the united states and europe that included price gouging, gas shortages, and rationing. The 1973 oil crisis by sarah horton in october of 1973 middle-eastern opec nations stopped exports to the us and other western nations they meant to punish the western nations that supported israel, their foe, in the yom kippur war, but they also realized the strong influence that they had on the world through oil. On october 19, 1973, immediately following president nixon’s request for congress to make available $22 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.
Oil embargo, 1973–1974 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 us decision to re-supply the israeli military and to gain leverage in the post-war peace negotiations.
Start studying opec and oil embargo 1973 learn vocabulary, terms, and more with flashcards, games, and other study tools. The 1973 oil crisis began in october 1973 when the members of the organization of arab petroleum exporting countries proclaimed an oil embargo the embargo was targeted at nations perceived as supporting israel during the yom kippur war.
Oil embargo, 1973-1974 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 us decision to re-supply the israeli military and to gain leverage in the post-war peace negotiations.