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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: combjelly who wrote (218564)	2/10/2005 10:31:13 AM
From: zonder	Read Replies (1) \| Respond to of 1575184

Historical precedent: 1973 Arab oil embargo against US. On October 17, OPEC imposed an oil embargo on the U.S. in retaliation for its military support to Israel in their war against Egypt. They also increased oil prices by 70% to America's Western European allies. Overnight, the price of a barrel of oil to these nations rose from $3 to $5.11. In January 1974, they raised it further to $11.65. Needless to say, much of the Western world, including the US, went into a severe recession as a result.