1973 oil crisis - Origins of the 1973 world oil shock

The 1973 oil crisis began in earnest on October 17, 1973, when Arab members of the Organization of Petroleum Exporting Countries (OPEC), during the Yom Kippur War, announced that they would no longer ship petroleum to nations that had supported Israel in its conflict with Syria and Egypt -- that is, to the United States and its allies in Western Europe. At around the same time, OPEC members agreed to use their leverage over the world price-setting mechanism for oil in order to quadruple world oil prices. The complete dependence ...

Including:

• 1973 oil crisis - Origins of the 1973 world oil shock
• 1973 oil crisis - World competition over resources
• 1973 oil crisis - Founding of OPEC
• 1973 oil crisis - The Yom Kippur War
• 1973 oil crisis - Arab oil embargo
• 1973 oil crisis - Chronology
• 1973 oil crisis - Immediate economic impact of the embargo
• 1973 oil crisis - Price controls and rationing
• 1973 oil crisis - Conservation and reduction in demand
• 1973 oil crisis - Search for alternatives
• 1973 oil crisis - Macroeconomic effects
• 1973 oil crisis - Perception of the oil industry
• 1973 oil crisis - Effects on international relations
• 1973 oil crisis - Decline of OPEC
• 1973 oil crisis - Notes and references

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1973 oil crisis - World competition over resources. The Arab-Israeli conflict triggered an energy crisis in the making. Before the embargo, the industrialized West, especially the United States, had taken cheap and plentiful petroleum for granted. (Indeed, the form American cities took after World War II - with expansive suburbs full of detached, single-family homes - depended on the automobile as the principal means of transportation - a form that consumes oil en masse as fuel.) Between 1945 and the late ...

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1973 oil crisis, 1973 oil crisis - Origins of the 1973 world oil shock, 1973 oil crisis - World competition over resources, 1973 oil crisis - Founding of OPEC, 1973 oil crisis - The Yom Kippur War, 1973 oil crisis - Arab oil embargo, 1973 oil crisis - Chronology, 1973 oil crisis - Immediate economic impact of the embargo, 1973 oil crisis - Price controls and rationing, 1973 oil crisis - Conservation and reduction in demand, 1973 oil crisis - Search for alternatives, 1973 oil crisis - Macroeconomic effects, 1973 oil crisis - Perception of the oil industry, 1973 oil crisis - Effects on international relations, 1973 oil crisis - Decline of OPEC, 1973 oil crisis - Notes and references

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1970s - Environmentalism. The seventies touched off a mainstream affirmation of the environmental issues early activists from the '60s, such as Rachel Carson, warned about. The moon landing that had occurred at the end of the previous decade transmitted back concrete images of the earth as an integrated, life-supporting system and shaped a public willingness to preserve nature. On April 22, 1970, the United States celebrated its first Earth Day in which over two thousand colleges and universities and roughly ten thousand p ...

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1970s, 1970s - Worldwide trends in the Seventies, 1970s - Economy of the Seventies, 1970s - Oil crisis, 1970s - Social movements, 1970s - Environmentalism, 1970s - Feminism, 1970s - Gay rights, 1970s - Culture during the Seventies, 1970s - Emerging social perspectives in the Seventies, 1970s - The Seventies in music, 1970s - The Seventies in cinema, 1970s - The Seventies in television, 1970s - The Seventies in literature, 1970s - The Seventies in architecture, 1970s - The Seventies in science and philosophy, 1970s - The Seventies in sports, 1970s - The Seventies in technology, 1970s - National issues, 1970s - In the Middle East, 1970s - In Africa, 1970s - In India and Pakistan, 1970s - In Southeast Asia, 1970s - In Japan, 1970s - In the Soviet Union and the Eastern Bloc, 1970s - In the United States, 1970s - In the United Kingdom

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Relations between the United States and Iraq remained tense following the Persian Gulf War. In April of 1993 the Iraqi Intelligence Service, it is alleged, attempted to assassinate former President George H. W. Bush during a visit to Kuwait. Kuwaiti security forces apprehended a group of Iraqis at the scene of an alleged bombing attempt. It has been alleged that the charges against Iraq in relation to this event were fabricated [10]. On June 26, 1993, the U.S. launched a missile attack targeting Baghdad intelligence headquarters in retaliation for the at ...

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Saddam Hussein, Saddam Hussein - Youth, Saddam Hussein - Consolidation of power, Saddam Hussein - Consolidation of power, Saddam Hussein - Succession, Saddam Hussein - Saddam Hussein as a secular leader, Saddam Hussein - Foreign affairs, Saddam Hussein - The Iran-Iraq War 1980–1988, Saddam Hussein - Tensions with Kuwait, Saddam Hussein - The Persian Gulf War, Saddam Hussein - Gulf War aftermath, Saddam Hussein - 1991-2003, Saddam Hussein - 2003 Invasion of Iraq, Saddam Hussein - Pursuit and capture, Saddam Hussein - Trials, Saddam Hussein - Personal, Saddam Hussein - Pop Culture, Saddam Hussein - Notes

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Saddam married Sajida Talfah in 1958. Sajida is the daughter of Khairallah Talfah, Saddam's uncle and mentor. Their marriage was arranged when Saddam was 5 and Sajida was 7, however, the two didn't meet until their wedding; they were married in Egypt during his exile. They had two sons (Uday and Qusay) and three daughters, Rana, Raghad and Hala. Uday controlled the media, and was named Journalist of the Century by the Iraqi Union of Journalists. Qusay ran the elite Republican Guard, and was considered Saddam's heir. Both brothers made a fort ...

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Saddam Hussein, Saddam Hussein - Youth, Saddam Hussein - Consolidation of power, Saddam Hussein - Consolidation of power, Saddam Hussein - Succession, Saddam Hussein - Saddam Hussein as a secular leader, Saddam Hussein - Foreign affairs, Saddam Hussein - The Iran-Iraq War 1980–1988, Saddam Hussein - Tensions with Kuwait, Saddam Hussein - The Persian Gulf War, Saddam Hussein - Gulf War aftermath, Saddam Hussein - 1991-2003, Saddam Hussein - 2003 Invasion of Iraq, Saddam Hussein - Pursuit and capture, Saddam Hussein - Trials, Saddam Hussein - Personal, Saddam Hussein - Pop Culture, Saddam Hussein - Notes

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On October 16th, 1973, as part of the political strategy that included the Yom Kippur War, OAPEC cut production of oil, and placed an embargo on shipments of crude oil to the West, with the United States and the Netherlands specifically targeted. Also imposed was a boycott of Israel, and price increases. Since oil demand falls little with price rises, prices had to rise dramatically to reduce demand to the new, lower, level of supply. Anticipating this, the market price for oil immediately rose substantially. A world financial system already ...

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1973 oil crisis, 1973 oil crisis - Origins of the 1973 world oil shock, 1973 oil crisis - World competition over resources, 1973 oil crisis - Founding of OPEC, 1973 oil crisis - The Yom Kippur War, 1973 oil crisis - Arab oil embargo, 1973 oil crisis - Chronology, 1973 oil crisis - Immediate economic impact of the embargo, 1973 oil crisis - Price controls and rationing, 1973 oil crisis - Conservation and reduction in demand, 1973 oil crisis - Search for alternatives, 1973 oil crisis - Macroeconomic effects, 1973 oil crisis - Perception of the oil industry, 1973 oil crisis - Effects on international relations, 1973 oil crisis - Decline of OPEC, 1973 oil crisis - Notes and references

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The U.S. government response to the embargo was quick, but of limited effectiveness. A National Maximum Speed Limit of 55 miles per hour (88 kilometers per hour) was imposed to help reduce consumption. This, incidentally, was claimed by some to have caused traffic fatalities to drop by 23 % between 1973 and 1974. As a result this law was not completely reversed until 1995. President Nixon named William Simon as an official "energy czar," and in 1977 a cabinet-level Department of Energy was created, which led to the creation of the United States' Strategic Petroleum Reserve. The ...

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1973 oil crisis, 1973 oil crisis - Origins of the 1973 world oil shock, 1973 oil crisis - World competition over resources, 1973 oil crisis - Founding of OPEC, 1973 oil crisis - The Yom Kippur War, 1973 oil crisis - Arab oil embargo, 1973 oil crisis - Chronology, 1973 oil crisis - Immediate economic impact of the embargo, 1973 oil crisis - Price controls and rationing, 1973 oil crisis - Conservation and reduction in demand, 1973 oil crisis - Search for alternatives, 1973 oil crisis - Macroeconomic effects, 1973 oil crisis - Perception of the oil industry, 1973 oil crisis - Effects on international relations, 1973 oil crisis - Decline of OPEC, 1973 oil crisis - Notes and references

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Since 1973, OPEC failed to hold on to its preeminent position, and by 1981, its production was surpassed by that of other countries. Additionally, its own member nations were divided among themselves. Saudi Arabia, trying to gain back market share, increased production and caused downward pressure on prices, making high-cost oil production facilities less profitable or even unprofitable. The world price of oil, which had reached a peak in 1979, at more than US$80 a barrel (503 US$/m³) in 2004 dollars, decreased during the early 1980s to US$ ...

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1973 oil crisis, 1973 oil crisis - Origins of the 1973 world oil shock, 1973 oil crisis - World competition over resources, 1973 oil crisis - Founding of OPEC, 1973 oil crisis - The Yom Kippur War, 1973 oil crisis - Arab oil embargo, 1973 oil crisis - Chronology, 1973 oil crisis - Immediate economic impact of the embargo, 1973 oil crisis - Price controls and rationing, 1973 oil crisis - Conservation and reduction in demand, 1973 oil crisis - Search for alternatives, 1973 oil crisis - Macroeconomic effects, 1973 oil crisis - Perception of the oil industry, 1973 oil crisis - Effects on international relations, 1973 oil crisis - Decline of OPEC, 1973 oil crisis - Notes and references

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Since 1973, OPEC failed to hold on to its preeminent position, and by 1981 its production was surpassed by that of other countries. Additionally, its own member nations were divided among themselves. Saudi Arabia, trying to gain back market share and to make the most expensive oil production facilities less profitable or even unprofitable, exerted pressure toward lowering prices. The world price of oil, which had reached a peak in 1979, at more than US$80 a barrel (503 US$/m³) in 2004 dollars, decreased during the early 1980s to US$38 a bar ...

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1973 oil crisis, 1973 oil crisis - Origins of the 1973 world oil shock, 1973 oil crisis - World competition over resources, 1973 oil crisis - Founding of OPEC, 1973 oil crisis - The Yom Kippur War, 1973 oil crisis - Arab oil embargo, 1973 oil crisis - Chronology, 1973 oil crisis - Immediate economic impact of the embargo, 1973 oil crisis - Price controls and rationing, 1973 oil crisis - Conservation and reduction in demand, 1973 oil crisis - Search for alternatives, 1973 oil crisis - Macroeconomic effects, 1973 oil crisis - Perception of the oil industry, 1973 oil crisis - Effects on international relations, 1973 oil crisis - Decline of OPEC, 1973 oil crisis - Notes and references

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The U.S. government response to the embargo was quick, but of limited effectiveness. A National Maximum Speed Limit of 55 miles per hour (88 kilometers per hour) was imposed to help reduce consumption. This, incidentally, was claimed by some to have caused traffic fatalities to drop by 23 percent between 1973 and 1974. As a result this law was not completely reversed until 1995. President Nixon named William Simon as an official "energy czar," and in 1977 a cabinet-level Department of Energy was created, which led to the creation of the United States' Strategic Petroleum Reserve. The ...

See also:

1973 oil crisis, 1973 oil crisis - Origins of the 1973 world oil shock, 1973 oil crisis - World competition over resources, 1973 oil crisis - Founding of OPEC, 1973 oil crisis - The Yom Kippur War, 1973 oil crisis - Arab oil embargo, 1973 oil crisis - Chronology, 1973 oil crisis - Immediate economic impact of the embargo, 1973 oil crisis - Price controls and rationing, 1973 oil crisis - Conservation and reduction in demand, 1973 oil crisis - Search for alternatives, 1973 oil crisis - Macroeconomic effects, 1973 oil crisis - Perception of the oil industry, 1973 oil crisis - Effects on international relations, 1973 oil crisis - Decline of OPEC, 1973 oil crisis - Notes and references

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The effects of the embargo were immediate. OPEC forced the oil companies to increase payments drastically. The price of oil quadrupled by 1974 to nearly US$12 per 42 US gallon barrel (75 US$/m³). [1] This increase in the price of oil had a dramatic effect on oil exporting nations, for the countries of the Middle East who had long been dominated by the industrial powers were seen to have acquired control of a vital commodity. The traditional flow of capital reversed as the oil exporting nations accumulated vast wealth. Some of the inc ...

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1973 oil crisis, 1973 oil crisis - Origins of the 1973 world oil shock, 1973 oil crisis - World competition over resources, 1973 oil crisis - Founding of OPEC, 1973 oil crisis - The Yom Kippur War, 1973 oil crisis - Arab oil embargo, 1973 oil crisis - Chronology, 1973 oil crisis - Immediate economic impact of the embargo, 1973 oil crisis - Price controls and rationing, 1973 oil crisis - Conservation and reduction in demand, 1973 oil crisis - Search for alternatives, 1973 oil crisis - Macroeconomic effects, 1973 oil crisis - Perception of the oil industry, 1973 oil crisis - Effects on international relations, 1973 oil crisis - Decline of OPEC, 1973 oil crisis - Notes and references

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The energy crisis led to greater interest in renewable energy, especially wood fuel and spurred research in solar power and wind power. It also led to greater pressure to exploit North American oil sources, and increased the West's dependence on coal and nuclear power. In Australia, heating oil ceased being considered an appropriate winter heating fuel. This often meant that a lot of oil-fired room heaters that were popular from the late-1950s to the early-1970s were considered outdated. It also meant that some enterprising individuals designed aftermarket gas-conversi ...

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1973 oil crisis, 1973 oil crisis - Origins of the 1973 world oil shock, 1973 oil crisis - World competition over resources, 1973 oil crisis - Founding of OPEC, 1973 oil crisis - The Yom Kippur War, 1973 oil crisis - Arab oil embargo, 1973 oil crisis - Chronology, 1973 oil crisis - Immediate economic impact of the embargo, 1973 oil crisis - Price controls and rationing, 1973 oil crisis - Conservation and reduction in demand, 1973 oil crisis - Search for alternatives, 1973 oil crisis - Macroeconomic effects, 1973 oil crisis - Perception of the oil industry, 1973 oil crisis - Effects on international relations, 1973 oil crisis - Decline of OPEC, 1973 oil crisis - Notes and references

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The 1973 oil crisis was a major factor in Japanese economy shift away from oil-intensive industries and resulted in huge Japanese investments in industries like electronics. The Western nations' central banks decided to sharply cut interest rates to encourage growth, deciding that inflation was a secondary concern. Although this was the orthodox macroeconomic prescription at the time, the resulting stagflation surprised economists and central bankers, and the policy is now considered by some to have de ...

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1973 oil crisis, 1973 oil crisis - Origins of the 1973 world oil shock, 1973 oil crisis - World competition over resources, 1973 oil crisis - Founding of OPEC, 1973 oil crisis - The Yom Kippur War, 1973 oil crisis - Arab oil embargo, 1973 oil crisis - Chronology, 1973 oil crisis - Immediate economic impact of the embargo, 1973 oil crisis - Price controls and rationing, 1973 oil crisis - Conservation and reduction in demand, 1973 oil crisis - Search for alternatives, 1973 oil crisis - Macroeconomic effects, 1973 oil crisis - Perception of the oil industry, 1973 oil crisis - Effects on international relations, 1973 oil crisis - Decline of OPEC, 1973 oil crisis - Notes and references

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The Cold War policies of the Nixon administration also suffered a major blow in the aftermath of the oil embargo. They had focused on China and the Soviet Union, but the latent challenge to U.S. hegemony coming from the Third World was now starkly evident. U.S. power was under attack even in Latin America. The oil embargo was announced roughly just one month after a right-wing military coup in Chile toppled elected socialist president Salvador Allende on September 11, 1973. The U.S.'s subsequent assistance to this government did littl ...

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1973 oil crisis, 1973 oil crisis - Origins of the 1973 world oil shock, 1973 oil crisis - World competition over resources, 1973 oil crisis - Founding of OPEC, 1973 oil crisis - The Yom Kippur War, 1973 oil crisis - Arab oil embargo, 1973 oil crisis - Chronology, 1973 oil crisis - Immediate economic impact of the embargo, 1973 oil crisis - Price controls and rationing, 1973 oil crisis - Conservation and reduction in demand, 1973 oil crisis - Search for alternatives, 1973 oil crisis - Macroeconomic effects, 1973 oil crisis - Perception of the oil industry, 1973 oil crisis - Effects on international relations, 1973 oil crisis - Decline of OPEC, 1973 oil crisis - Notes and references

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