Milestones
1973 Oil Crisis
Also Known As Arab Oil Embargo
1973
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In October 1973 the Arab members of OPEC embargoed oil shipments to the United States and other supporters of Israel in the Yom Kippur War, and the posted price of oil roughly quadrupled within months. The shock ended the era of cheap oil, triggered the founding of the International Energy Agency and national strategic reserves, and pushed energy security to the center of world politics, where it has stayed.
Facts
Milestone Year Cross-Tradition Connections
Associated With
The agency was founded in 1974 as the consuming nations response to the crisis.
The 1973 embargo was declared by the Arab members of OPEC through OAPEC; the price decisions that followed were OPEC actions.
Sources
1. International Energy Agency Official Site
OPEC Official Site
Organization of the Petroleum Exporting CountriesAssociated With: OPECView the Source EBSCO Research Starters
EBSCO Information ServicesAssociated With: OPEC Founded in Baghdad, Research Starters, OPEC Founded, OverviewQuote, Associated With: OPEC Founded in Baghdad, Research Starters, OPEC Founded, Overview
The founding nations were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela
US State Department Office of the Historian
United States Department of StateAssociated With: IEA Founded, Milestones 1969-1976, Oil Embargo 1973-1974Quote, Associated With: IEA Founded, Milestones 1969-1976, Oil Embargo 1973-1974
The price of oil per barrel first doubled, then quadrupled, imposing skyrocketing costs on consumers and structural challenges to the stability of whole national economies.
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