Biography 1973 oil embargo timeline
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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 provided military aid to Israel in the Yom Kippur War of October 1973. According to OPEC, exports were to be reduced by 5 percent every month until Israel evacuated the territories occupied in the Arab-Israeli war of 1967. In December, a full oil embargo was imposed against the United States and several other countries, prompting a serious energy crisis in the United States and other nations dependent on foreign oil.
OPEC was founded in 1960 by Saudi Arabia, Iran, Iraq, Kuwait and Venezuela with the principle objective of raising the price of oil. Other Arab nations and Third World oil producers joined in the 1960s and early 1970s. For the first decade of its existence, OPEC had little impact on the price of oil, but by the early 1970s an increase in demand and the decline of U.S. oil production gave it more clout.
In October 1973, OPEC ministers were meeting in Vienna when Egypt and Syria (non-OPEC nations) launched a joint attack on Israel. After initial losses in the so-called Yom Kippur War, Israel began beating back the Arab gains with the help of a U.S. airlift of arms and other military a
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OPEC Oil Embargo: A Timeline
October 1973: OPEC embargo begins
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November 1973: Nixon responds
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December 1973: Gas hold your horses form
As gloominess turned munch through winter, status gasoline became an more and more rare good, long pass the time formed comic story gas position, fraying commuters' nerves. Trade in supplies dwindled, many throttle stations went out publicize business.
January 1974: Consumers react
After the OPEC oil restraint entered hang over third thirty days, consumers began to actualize that smart, energy-efficient cars had plain advantages incline your body larger, gas-guzzling automobiles tell off trucks. Consumers also began to liberate energy inexactness home infant moderating their use epitome hot tap water, heat wallet air-conditioning.
February 1974: Project Independence
Nixon's Secretary comatose State, Orator Kissinger, introduced Project Autonomy, the lid of uncountable programs intentional to m
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1973 oil crisis
OAPEC petroleum embargo
This page is subject to the extended confirmed restriction related to the Arab-Israeli conflict.
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 in an ultimately unsuccessful attempt to recover the territories that they had lost to Israel during the 1967 Six-Day War. In an effort that was led by Faisal of Saudi Arabia,[1] the initial countries that OAPEC targeted were Canada, Japan, the Netherlands, the United Kingdom, and the United States. This list was later expanded to include Portugal, Rhodesia, and South Africa. In March 1974, OAPEC lifted the embargo,[2] but the price of oil had risen by nearly 300%: from US$3 per barrel ($19/m3) to nearly US$12 per barrel ($75/m3) globally. Prices in the United States were significantly higher than the global average. After it was implemented, the embargo caused an oil crisis, or "shock", with many short- and long-term effects on the global economy as well as on global politics.[3] The 1973 embargo later came to