happy birthday to the arab oil embargo.......from bancroft.berkeley............
1973-74 Oil Crisis
"Between October 1973 and January 1974 world oil prices quadrupled. By putting an end to decades of cheap energy, the 1973-74 oil crisis, which was led by Arab members of the Organization of Petroleum Exporting Countries (OPEC), exacerbated the economic difficulties facing many industrialized nations, forced developing countries to finance their energy imports through foreign borrowing, and generated large surpluses for oil-exporters"........READ MORE
Wikipedia 1973 oil crisis.......READ MORE
No comments:
Post a Comment