What was the oil crisis of 1973 and what effect did this have on the rest of the world?

Question

Please give me a short summary which is relevant... I just need few lines! Thank you!

Answer 1

The 1973 oil crisis was when the members of Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of OPEC plus Egypt and Syria) announced, as a result of the ongoing Yom Kippur War, that they would no longer ship petroleum to nations that had supported Israel in its conflict with Syria and Egypt (the United States, its allies in Western Europe, and Japan).

Answer 2

Oil Crisis 1973 Summary

Answer 3

This was a decision by the Organisation of Petroleum Exporting Countries who were mainly arab to reduce oil supplies and increase prices at the time of the Arab/Israeli War of Yom Kippur in 1973 .
This led to a sudden depression in the world economy which saw many companies go bankrupt and a vast increase in the wealth of the OPEC countries as they suddenly realised what power they had to effect the world economy.

Answer 4

This Site Might Help You.

RE:
What was the oil crisis of 1973 and what effect did this have on the rest of the world?
Please give me a short summary which is relevant... I just need few lines! Thank you!

Answer 5

Religous diffrences. Probably started out simple, but slowly spiraled out of control over the centuries. Some of the world's major religions originate in that area. The people there do not know how to handle it.

Answer 6

I barely remember it but from what I've read-

Gas was really expensive.

You could only get gas on odd or even days depending on your plate # or something like that.

The lines to get gas were really long.

American car companies didn't try to change away from gas guzzlers, which let Japanese car makers get their foot in the door with more fuel efficient cars.

That's about all I know about it.

Answer 7

basically OPEC jacked the prices of oil barrels and did not sell the oil they had. you could only by gas on certain days based on license plate number.