in 1973 blank created a major oil crisis in western European nations and the united states by declaring an embargo against them.The blank of fuel disrupted bussiness and limited the use of cars and other vehicles
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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.
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The 1973 oil crisis occured because of the members of organization of Arab petroleum exporting. They stopped supplying oil to countries who supported israel.
Explanation:
- The Arab-controlled Organization of Petroleum Exporting Countries (OPEC) has announced a decision to reduce oil exports to the United States and other countries that provided military assistance to Israel during the Yom Kippur War in October 1973.
- The oil crisis of 1973, or the first oil crisis, began in October 1973 when members of the Organization of Arab Petroleum Exporting Countries, led by Saudi Arabia, announced an oil ban.
- The first target countries were Canada, Japan, the Netherlands, the United Kingdom and the United States, but the embargo was subsequently extended to Portugal, Rhodesia and South Africa.
- By the end of the March 1974 ban , oil prices were nearly 300% worldwide from $ 3 a barrel (US $ 19 / m3) to $ 12 a barrel (US $ 75 / m3).
- It has risen. US prices were significantly higher. The embargo caused an oil crisis or "shock" and had many short-term and long-term effects on world politics and the world economy.
- Later called the "first oil crisis", the 1979 oil crisis was called the "second oil crisis".
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