What is the OPEC oil embargo?

The OPEC oil embargo was an event where the 12 countries that made up OPEC stopped selling oil to the United States. The embargo sent gas prices through the roof. Between 1973-1974, prices more than quadrupled. In response to the oil crisis, the United States took steps to become increasingly energy independent.

How long did the oil embargo of 1973 last?

October 1973–January 1974 The embargo ceased US oil imports from participating OAPEC nations, and began a series of production cuts that altered the world price of oil. These cuts nearly quadrupled the price of oil from $2.90 a barrel before the embargo to $11.65 a barrel in January 1974.

What happened in 1979 that made oil price dramatically go up?

Turmoil in Iran, a major petroleum exporting country, caused the global supply of crude oil to decline significantly, triggering noteworthy shortages, and a surge in panic buying—within 12 months, the price per barrel of this widely used resource almost doubled to $39.50.

What was the effect of the OPEC oil embargo?

OPEC enacts oil embargo. In December, a full oil embargo was imposed against the United States and several other countries, prompting a serious energy crisis in the United States and other nations dependent on foreign oil.

Why was there an oil embargo in 1967?

According to OPEC, exports were to be reduced by 5 percent every month until Israel evacuated the territories occupied in the Arab-Israeli war of 1967. In December, a full oil embargo was imposed against the United States and several other countries, prompting a serious energy crisis in the United States and other nations dependent on foreign oil.

When did OPEC cut oil to the US?

The Arab-dominated Organization of Petroleum Exporting Countries (OPEC) announces a decision to cut oil exports to the United States and other nations that provided military aid to Israel in the Yom Kippur War of October 1973.

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.