Free Essays on 1973 Oil Embargo

Anti Essays :: Free Essay on "1973 Oil Embargo"

You can search for more free term papers from Anti Essays using the search box above.

Sponsored Essays by TermPapersLab.com

  1. The Effects Of The Unstable Relations Between The Organization...
    of Arab Petroleum Exporting Countries and the United States of America after the 1973 Oil Crisis Introduction The ongoing Arab-Israeli conflict that began after the land that
  2. Price Elasticity Of Demand
    pump in recent years as well as during the oil crisis of 1973 and 1980. 1973 -1974 Arab Oil Embargo First, let us start with a bit of history. Although the recent rise in price at
  3. The Energy Crisis Of The 1970's
    In October of 1973 the Organization of Petroleum Exporting Countries (OPEC) inflicted an oil embargo on the Unites States of America. This was the outcome of our support to the

Plagiarism Warning

This free essay is for research purposes ONLY. Do NOT submit term papers from Anti Essays as your own. If you use information from this free term paper, it is your responsibility to cite it. MLA and APA citations can be found at the bottom of the page.

1973 Oil Embargo

Submitted by alvarez318 on April 23, 2009

The 1973 oil crisis began on October 17, 1973, when the members of Organization of Arab Petroleum Exporting Countries (known as OAPEC) announced, as a result of the Yom Kippur War, that they would no longer ship oil to nations that had supported Israel in its conflict with Syria and Egypt. Amongst the nations that had supported Israel in the conflict with Syria and Egypt were the United States, their allies in Western Europe, and Japan. One of the many results of the embargo was higher oil prices all throughout the western world, particularly in America. In order to understand the main cause of the oil crisis one must first know the Arab-Israeli conflict. The Arabs refused to accept Israel as an independent state, so they began to launch efforts to recapture the land they felt was technically theirs to start with. In 1973 Arab forces got even by attacking on the holiest Jewish Holiday, Yom Kippur. Saudi Arabia's King persuaded other oil supporting countries into placing an embargo on crude oil to western nations. This was to punish the western states that supplied weapons and aid to Israel, in this way the embargo served as a political tactic. Once they had placed the embargo on the west, the Arabs realized the power they had through oil supply. When shipments of oil had resumed, they were able to keep the prices high and make a larger profit. These causes forced America, where everything revolved around cars, into insecurity. Before the embargo, American cars were big and powerful. The immediate results of the Oil Crisis were dramatic: Prices of gasoline quadrupled and there was no fuel at gas stations. Hence, the big cars that were being sold are now sitting on the dealers' lots without being looked at; this lead to a greater demand of subcompacts. As a result, Japanese and European automakers began to export more compact cars into the US. Toyota became a top seller instantly due to the quality of their models. By 1979, virtually all the big "full size"...

You must Login to view the entire essay.
If you are not a member yet, Sign Up for free!

Citations

MLA Citation

"1973 Oil Embargo". Anti Essays. 21 Nov. 2009
<http://www.antiessays.com/free-essays/49781.html>

APA Citation

1973 Oil Embargo. Anti Essays. Retrieved November 21, 2009, from the World Wide Web: http://www.antiessays.com/free-essays/49781.html