1973 oil crisis

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1973 oil crisis

  1. 1. Reported by RCSDIT
  2. 2. The Organization of thePetroleum ExportingCountries (OPEC)implements what it calls "oildiplomacy" October 17, 1973.It prohibits any nation that hadsupported Israel in its“Yom Kippur War" with Egypt,Syria and Jordan from buyingany of the oil it sells.
  3. 3.  The price of oil products increase 400%: from$2.59 to $11.65 a barrel. The quadruple increase in oil price lead toinflation in consuming countries. Western nations’ central banks decided tosharply cut interest rates to encourage growth. This leads to searching for renewable sources offuel.
  4. 4. Areas ResponseUnited States of America Emergency HighwayEnergy Conservation ActEuropean EconomicCommunityGovernments banflying, driving andboating on Sundays.
  5. 5. Areas ResponseSweden Government rationing ofgasoline and heating oilNetherlands Government imposesprison sentences forusing more than givenrations for electricity
  6. 6. Areas ResponseIsrael Solar heat waterJapan Industries shift from oil-focused to electronics
  7. 7.  In March 1974, the embargo was lifted afternegotiations at the Washington Oil summit. The embargo was lifted because the oilproducing countries were heavily dependent onthe revenues and OPEC was afraid of thediscovery of alternative fuel sources.

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