jan 20, 1960 - Organization of the Petroleum Exporting Countries / OPEC (1960) - places an oil embargo on ALL countries which supported Israel during the war (the Yom Kippur War) - US was supporting Israel as always so ofc this led to the END of econ boom for the US —> world wide oil shortage & long lines at gas stations in US —> high inflation as the price of goods increases due to shortage of oil CAP to now (we're so fucked why is everythign cap-able to now) —> STAGFLATION
Added to timeline:
Date:
jan 20, 1960
Now
~ 66 years ago