When was the 1973 oil embargo lifted?

March 1974
October 1973–January 1974 These cuts nearly quadrupled the price of oil from $2.90 a barrel before the embargo to $11.65 a barrel in January 1974. In March 1974, amid disagreements within OAPEC on how long to continue the punishment, the embargo was officially lifted.

Why did OPEC raise prices in 1973?

The 1973 Oil Embargo acutely strained a U.S. economy that had grown increasingly dependent on foreign oil. The efforts of President Richard M. By 1973, OPEC had demanded that foreign oil corporations increase prices and cede greater shares of revenue to their local subsidiaries.

What caused the oil shortage in 1973?

In October of 1973, the Arab members of OPEC placed an embargo on the U.S. in response to its support of Israel and the Yom Kippur War. The result was an oil shortage across the country, and a crash course for Americans on the limits of their government’s power.

Why was there an oil embargo in 1973?

Arab oil embargo. Written By: Arab oil embargo, temporary cessation of oil shipments from the Middle East to the United States and the Netherlands, imposed by oil-producing Arab countries in 1973 in retaliation for U.S. and Dutch support of Israel during the Yom Kippur War.

What did the Arab oil embargo do to Israel?

Arab OPEC members also extended the embargo to other countries that supported Israel including the Netherlands, Portugal, and South Africa. The embargo both banned petroleum exports to the targeted nations and introduced cuts in oil production.

What was Saudi Arabia’s role in the 1973 oil crisis?

Although some members of the Organization of Arab Petroleum Exporting Countries (OAPEC) supported the use of oil as a weapon to influence the political outcome of the Arab–Israeli conflict, Saudi Arabia had traditionally been the strongest supporter of separating oil from politics.

Who was the leader of Egypt during the 1973 oil crisis?

August 23, 1973—In preparation for the Yom Kippur War, Saudi king Faisal and Egyptian president Anwar Sadat meet in Riyadh and secretly negotiate an accord whereby the Arabs will use the “oil weapon” as part of the military conflict.