o 1973 74 Oil Embargo first time OPEC used oil as political weapon only the

O 1973 74 oil embargo first time opec used oil as

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o 1973-74 Oil Embargo first time OPEC used oil as political weapon *only the Arab countries of OPEC October 17,1973: Promised to reduce their oil production by 5% a month until the Israelis withdrew from occupied territories Israel gained territory from Egypt, Syria, and Palestine during the successful Six-Day war of 1967 1973: Egypt and Syria declared war on Israel in attempt to get territory back- Yom Kippur War By the end of the embargo in March 1974, price went from 43 to 412 a barrel Gas rationing World rich countries figured out how screwed they were Oil embargo made the western countries realize they were now reliant oil importers o 1979 Oil Crisis: due to decreased oil output in wake of the Iranian Revolution decreased world oil supply by 3-4% oil rose to $40 a barrel o 1980-1988 Iran-Iraq War Iranian exports ceased to exist Iraq exporting sincerely diminished o With all the oil shocks OPEC lost a good amount of influence Price spikes encourage others to produce oil Mexico increased oil production/exportation Venezuela and Nigeria increased USSR increased
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  • Fall '08
  • OPEC, crude oil, Petro Power Playa

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