Results of the 71 Nixon Shock/OPEC Scam on the World (1973)
• Results of the 71 Nixon Shock/OPEC Scam on the World
• Oil Crisis, Stock Market Crash, OPEC (1973)
The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen nearly 300%, from US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock".
The 1973 oil crisis paralyzed the USA and crippled the automotive industry. 'This Week' looks at how the lack of oil affects not only the US car Industry but also the every day lives of US citizens.
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