1 Okt 1973 Jahr - 1973 Oil Crisis

Beschreibung:

Dependency on oil had been on an upwards trajectory since the early 60s, as nations looked for alternatives to the traditional coal and natural gas options

As oil prices drastically rose due to the embargo set by the Organization of Arab Petroleum Exporting Countries led by Saudi Arabia

They had put an oil embargo on countries they suspected were on Israels side during the Yom Kippur War. As a result of the embargo oil prices rose by about 305%

By the time oil prices increased it caused a massive economic shock on Europe, as over 60% of energy came from oil and left many people unemployed

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