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October 17, 1973 – The start of the 1973 oil crisis
Business

October 17, 1973 – The start of the 1973 oil crisis

The oil crisis of 1973 began on this day when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC) proclaimed an oil embargo in order to try and influence the West’s support of Israel. By the end of the embargo the price of oil had risen from $3 USD per barrel to nearly $12 globally; US prices were significantly higher. The embargo was in direct response to American involvement with what is known as the Yom Kippur War, which took place in 1973 when Egyptian and Syrian forces conducted a surprise attack against Israel. In response, the United States supplied Israel with arms. The embargo, which in short is basically a prohibition of trade set forth by one party against another, was placed by the OAPEC against Canada, the Netherlands, Japan, the UK and the USA. Follo...

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