4 Okt 1973 Jahr - 1973 Oil Crisis

Beschreibung:

Following the Yom-Kippur War that was fought in late 1973, middle eastern countries from OAPEC launched an oil embargo on the United States and other countries that supported Israel in the war. The embargo took a toll on the U.S. and other nations as most of them were dependent on middle-eastern oil and this hurt their economies. The price for oil surged within the U.S, which hurt many American families financially as the price of other everyday things went up in price too. This embargo was short lived and ended Early 1974, but the higher prices of oil remained in the U.S.

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