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