1973 Oil Shock

Full Name
1973 Oil Shock
Event Type

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