Forty Years After the Oil Embargo
- 10/16/2013
- AEA
- Facts, News, Products and Power
On October 16, 1973, the Arab members of the Organization of Petroleum Exporting Countries (OPEC) announced a decision to raise the price of oil by 70 percent a barrel, which was followed by an embargo on oil shipped to the United States, a five percent reduction in production from September’s levels, and ongoing production reductions […]