7 ноя 1973 г. - Oil Embargo
Описание:
In November of 1973, in response to the US assistance to Israel, Arab nations dropped an oil embargo on the US and all other countries supporting Israel. The US, no longer able to take vast quantities of oil from the Middle East, desperately searched for the resource elsewhere. The embargo caused an "Energy Crisis" during the winter of 1973-74 and led to congressional approval of the Alaska Pipeline, the initiation of a national 55 mph speed limit, and the end of the US's constant flow of cheap energy. The US had been a net importer of oil since 1948, making them severely dependent on the Mid-East. Saudi Arabia, Kuwait, Iraq, Iran and Venezuela had created OPEC in 1960. As the Arab countries witnessed the US floundering in the wake of the embargo, they realized the true power they had. Because of their monopoly, they quadrupled the price of oil.
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