The Oil Crisis of 1973

Paper Summary:

Discusses embargo of oil exports to the U.S. by Arab members of OPEC as a protest of U.S. support for Israel in 1973. Arab-Israeli War. Differing views of the embargo in Islamic World, Third World and industrialized West. Oil prices. Formation of OPEC. Effectiveness of OPEC. Consequences of the oil embargo.

From the Paper:

"1973: The Great Oil Shock

I Introduction
Last spring, as U.S. gasoline prices rose above $2 per gallon, and California braced for a possible summer of brownouts, American politicians and commentators often referred back to the "Energy Crisis" of the 1970s, and television news shows replayed grainy old footage of cars waiting lined up ten or twenty deep at gas station pumps. One generation of Americans were reminded of an event they had perhaps half-forgotten, and another perhaps heard of it for the first time.
In 1973, as a protest of US support for Israel in the 1973..."

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