OPEC OIl Embargo (jan 1, 1973 – mar 31, 1974)
Description:
Israel was at war with the Middle East, and since the USA backed up Israel, the Arab OPEC members put an embargo on US oil. They wouldn't export oil to us or import it from us. The embargo ended when the war did, but when it was in full swing, gas prices, energy prices, and all the other prices went up due to our increasing dependence on foreign oil. This was significant in showing how our dependence on oil can lead to disaster, as we should've been becoming less dependent on other nations and more dependent on renewables.Added to timeline:
Date:
jan 1, 1973
mar 31, 1974
~ 1 years and 2 months