::1973 oil crisis


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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 and Syria) proclaimed an oil embargo. By the end of the embargo in March 1974,<ref name=USstate2ndCrisis>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref name=cbc/> It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock."

1973 oil crisis sections
Intro  Summary  Background  Embargo  Chronology  Effects  Decline of OPEC  See also  References  Sources  External links  

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