Arab Oil Embargo and Energy Crisis
At a glance:
- Series: Great Events from History: North American Series
- Categories: Diplomacy, International Relations, Foreign Affairs, Economics, Natural Resources
- Subcategories: Business, Embargoes, Sanctions, Energy, Fuel, Power Sources
- Curriculum: American History 1951-present, Middle Eastern History
- Geographical Location: United States
- Date: October 17, 1973-March 18, 1974
Article abstract: Oil politics and a resulting oil embargo produce economic stagnation, inflation, and the need to develop alternative energy sources.
Summary of Event
The consumption of oil by the Western world rose rapidly after World War II, as though there were no end to the supply. In 1973, the United States’ policy of backing Israel against its oil-rich neighbors in the Middle East exacted a heavy penalty. On October 17, 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) began cutting the flow of oil to the United States by 5...
[The entire page is 1999 words long]
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