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Events
1970s OPEC Oil Embargo
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
More about 1973 Oil Shock
Discusses The Following
Experts
Child Events
Notes
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