The first Arab oil embargo was imposed on October 17, 1973 by Arab members of the Organization of the Petroleum Exporting Countries (OPEC): This caused the last stock market problem like this

Imagine today the price of Gas going up 4 times over night. This is what happened then.

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The first Arab oil embargo was imposed on October 17, 1973 by Arab members of the Organization of the Petroleum Exporting Countries (OPEC): 
• Purpose: In retaliation for the United States' support of Israel in the Arab-Israeli War, Arab OPEC members imposed an embargo on oil exports to the United States and other countries. The embargo was also intended to gain leverage in the post-war peace negotiations. 
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• Effects: The embargo had a number of significant effects, including: 
• Oil prices: Oil prices nearly quadrupled, from $2.90 a barrel before the embargo to $11.65 a barrel in January 1974. 
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• Fuel shortages: The embargo caused fuel shortages across the United States, with drivers waiting for hours at the gas pump. 
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• Economic impact: The embargo caused a severe recession in the United States that lasted from 1973–1975. It also increased unemployment and inflation, and shrunk the U.S. economy by approximately 2.5 percent. 
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• Duration: The embargo was lifted in March 1974, but the higher oil prices remained. 
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• Oil Embargo, 1973–1974 - Office of the Historian

  During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo agai...
Milestones in the History of U.S. Foreign Relations - Office of ...
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• Oil Shock of 1973–74 | Federal Reserve History
Federal Reserve History
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• The Arab Oil Embargo—40 Years Later - CSIS

  Oct 16, 2013 — And while scholarly tomes and analyses have been written to “document” the macro and microeconomic impacts of the even...

  

  CSIS
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