The 1973 oil crisis began when the Arab members of OAPEC announced an oil embargo on countries that supported Israel during the Yom Kippur War, especially the United States and the Netherlands, and cut production. At the same time the wider OPEC group raised prices sharply, so that the price of oil roughly quadrupled within months. Western economies were hit by fuel shortages, long queues at petrol stations and rationing measures such as car-free days and speed limits. The crisis contributed to stagflation, a combination of inflation and economic stagnation, in the mid-1970s. The embargo was lifted in March 1974, but it led governments to seek energy efficiency, strategic reserves and alternative energy sources.
Before and after
- 12 September 1973Birth of Paul Walker
- 20 September 1973Billie Jean King beats Bobby Riggs in the Battle of the Sexes
- 23 September 1973Death of Pablo Neruda
- from 6 October 1973 to 26 October 1973Yom Kippur War
- from 16 October 1973 to 17 March 19741973 oil crisis
- 20 October 1973Construction of Sydney Opera House
- 30 October 1973Construction of Bosphorus Bridge
- 1 November 1973Birth of Aishwarya Rai
- 3 November 1973Launch of Mariner 10
More in Society, economy & sport
- 5 October 1948Founding of International Union for Conservation of Nature
- 5 May 1949Founding of Council of Europe
- 1960Founding of Somalia
- 1 October 1963Founding of Nigeria
- 1985Introduction of new shekel
- 1990Rise of K-pop
The era
This moment belongs to the Contemporary world (1945 CE to today), the world since 1945. You can also browse everything in the 20th century.