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1973 Oil Shock

1973 Oil Shock

Full Name
1973 Oil Shock
Event Type
Crisis
Location
Earth
Parent Event
1970s OPEC Oil Embargo

During the 1973 OIl Shock, prices of oil in the Unite Sates quadrupled in a matter of weeks

  • During 1973 Israel, Egypt and Syria were engaged in the Yom Kippur War
  • OPEC (led by Saudi Arabia) placed an embarg on on oil exports to the US & Allies based on their support for Israel
  • The Price of oil jumped from $3 per barrell to $12 in months
  • The Saudi's reaped a ton of profit

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