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Sunday, April 12, 2026
Collection of facts about the 1973 oil crisis
This post is a collection of facts about the 1973 oil crisis. There are 9 facts listed below. Source: Wikipedia
- Caused by the Yom Kippur War (Israel vs. Egypt, Syria)
- OAPEC implemented oil embargo on countries supporting Israel in October 1973
- Included Canada, Japan, Netherlands, United Kingdom, United States, Portugal, Rhodesia, South Africa
- Oil barrel price rose from $3 to $12 (300% increase)
- Central banks cut interest rates to promote economic growth
- Various gasoline rationing schemes implemented
- U.S. implemented 55 mph national maximum speed limit
- Israel withdrew troops from west side of Suez Canal in March 1974
- Embargo ended in March 1974