14 agos 1973 año - OPEC Oil Embargo

Descripción:

In retaliation for continued US support of Israel in the Arab-Israeli war, OPEC imposed strict oil sanctions on the US and other countries who were sending aid. The sanctions mandated an immediate stop to the selling of oil to the US, as well as a general decrease in the production and supply of oil to drive prices upwards. The embargo exposed a growing vulnerability of the US: its dependence on foreign oil. Gas prices skyrocketed and there were massive shortages. In an attempt to prevent their reliance on oil from being leverage against the US, Nixon introduced new self sufficiency initiatives aimed at making the US less dependent on foreign oil imports. The embargo eventually was lifted after a peace was negotiated in the war.

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