1973 oil crisis
The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of the OPEC plus Egypt, Syria and Tunisia) proclaimed an oil embargo. By the end of the embargo in March 1974, the price of oil had risen from $3 per barrel to nearly $12. The oil crisis, or "shock", had many short-term and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock."
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American History USA Articles
- The 1973 Oil Crisis and Its Effects
Before 1973, gas prices in the United States were stable for decades. A sudden oil embargo led to rationing and shortages.
Books/Sources
- The Oil Crisis of 1973-1974: A Brief History with Documents (Bedford Series in History & Culture) - Karen R. Merrill
- Sorry, Out of Gas: Architecture's Response to the 1973 Oil Crisis - Caroline Maniaque
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