What Was The OPEC Oil Embargo Of 1973? During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military and to gain leverage in the post-war peace negotiations. What did the oil embargo
What Were The Effects Of The OPEC Oil Embargo In The 1970s? The OPEC oil embargo was an event where the 12 countries that made up OPEC stopped selling oil to the United States. The embargo sent gas prices through the roof. Between 1973-1974, prices more than quadrupled. The embargo contributed to stagflation. What was
What Happened During The Oil Embargo? The embargo both banned petroleum exports to the targeted nations and introduced cuts in oil production. … Several years of negotiations between oil-producing nations and oil companies had already destabilized a decades-old pricing system, which exacerbated the embargo’s effects. What happened in the 1970 oil crisis? The 1970s energy