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Bookmark or Share- Rising oil prices, surging inflation: The Arab embargo 50 years ago ...The embargo catalyzed a long period of upheaval in global oil markets and pain at the gasoline pump for Americans and consumers globally. Oil prices quadrupled nearly overnight and remained high...
- Oil Embargo, 1973–1974 - Office of the HistorianThe onset of the embargo contributed to an upward spiral in oil prices with global implications. 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.
- 1970s Energy Crisis ‑ Causes, Effects, OAPEC - HISTORYAn oil embargo imposed by members of the Organization of Arab Petroleum Exporting Countries (OAPEC) led to fuel shortages and sky‑high prices throughout much of the 1970s.
- 1973 oil crisis - WikipediaThe oil embargo was announced roughly one month after a right-wing military coup in Chile led by General Augusto Pinochet toppled socialist president Salvador Allende on September 11, 1973. The response of the Nixon administration was to propose doubling arms sales.
- Oil Shock of 1973–74 - Federal Reserve HistoryThe embargo ceased U.S. oil imports from participating OAPEC nations, and began a series of production cuts that altered the world price of oil. These cuts nearly quadrupled the price of oil from $2.90 a barrel before the embargo to $11.65 a barrel in January 1974.
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