1973 oil crisis
From The Art and Popular Culture Encyclopedia
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"The postwar economic miracle (1945-1975) of Europe was called the 'trente glorieuses' with hindsight. It ended with the first oil crisis."--Sholem Stein |
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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. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen from US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- 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."
See also
- 1967 oil embargo
- 1970s energy crisis
- 1990 oil price shock
- 2000s energy crisis
- Hubbert peak theory
- Supply shock
- Petrodollar recycling
