1973 Oil Crisis

About 1973 Oil Crisis

OAPEC proclaimed an oil embargo against nations supporting Israel during the Yom Kippur War. Oil prices quadrupled from 3 to 12 per barrel. Gasoline shortages and rationing hit Western countries. In the US, odd-even rationing was implemented based on license plates. The stock market fell 45 percent from January 1973 to December 1974. The crisis ended the postwar economic boom and introduced stagflation, combining high inflation with recession. The oil shock transformed geopolitics, enriching Gulf states and impoverishing oil importers. Energy efficiency became a national priority for the first time.