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oil crisis of 1973

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oil crisis of 1973

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The 1973 Oil Crisis.

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October 6th 1973 Oil Crisis was a direct cause of the Economical Crisis. OAPEC refused to export petrol to supporters of Israel because of the Yam Kippur War where Syria and Egypt invaded Israel. Basically they issued an oil embargo. Alongside the oil crisis, USA had decided to float the dollar, which was devalued.

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The OPEC nations dramatically raised oil prices.

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to pressure Israe to give back land it had taken by (ACT)

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