OPEC Oil Embargo (oct 1, 1973 – mar 1, 1974)
Description:
OPEC nations declared an oil embargo in response to western countries supporting Israel in the Yom Kippur War. Resulted in the economic crisis in the 70s that was characterized by high unemployment, low growth, and high inflation. Neoliberal policies attempted to revive western economies afterwards.Added to timeline:
Date:
oct 1, 1973
mar 1, 1974
~ 5 months