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Politics : View from the Center and Left

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To: axial who wrote (385887)	10/23/2018 7:09:38 PM
From: Wharf Rat	Read Replies (2) of 540831

"Post '45 to ~ '75-'80 was the apogee." I think we peaked the day I turned 39. The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countriesproclaimed an oil embargo. The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War. [1] The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, [2] the price of oil had risen from US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy. [3] It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock." October 16— Saudi Arabia, Iran, Iraq, Abu Dhabi, Kuwait and Qatar raise posted prices by 17% to $3.65 per barrel and announce production cuts. [32] en.wikipedia.org

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