OPEC Oil Embargo

Historical Context Note

Lucas Paul Richert (University of Saskatchewan)

The Literary Encyclopedia. WORLD HISTORY AND IDEAS: A CROSS-CULTURAL VOLUME.

Domains

Oil Trade

Dates

Date of occurrence 1973-10-19-1974-03-18

Places

Resources

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In October 1973, the multinational Organization of Petroleum Exporting Countries raised oil prices by 70 percent. The price increased a further 130 percent in December. On 19 October, however, a total ban on oil exports to the U.S. was imposed by OPEC. This embargo was precipitated by the American support of Israel during the Yom Kippur War. The oil ban was lifted on 18 March 1974. The result of the embargo was severe oil shortfalls and a steady increase in inflation in Western industrialized nations. A second result of the embargo was social and economic development in certain OPEC counties, programs enabled by a windfall in petrodollars.

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102 words

Citation: Richert, Lucas Paul. "OPEC Oil Embargo". The Literary Encyclopedia. First published 01 November 2008 [https://www.litencyc.com/php/stopics.php?rec=true&UID=5698, accessed 07 May 2024.]

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