oct 17, 1973 - OPEC Oil Embargo
Description:
Arab controlled Organization of Petroleum Exporting Countries created an embargo of oil to countries aiding Israel in the Yom Kipper War (including US)
Leads to an oil crisis and inflation/a decrease of oil in the nation
Hurt the economy as companies decreased investments, laid off workers, and reduced inventories
Partially contributed to the stagflation society of the 70s - known as a time period of an unchanging economy accompanied with inflation
Added to timeline:
APUSH Dates
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Peach: treaties/international...
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