OPEC Oil Embargo

OPEC: Organization of the Petroleum Exporting Countries
OAPEC: Organization of Arab Petroleum Exporting Countries (Egypt, Syria, and Tunisia)

What is OPEC?
OPEC is an intergovernmental group of the 12 developing countries of Alegria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. Headquarters in Vienna since 1965.

Oil Embargo
  • October 1973 - March 1974
  • The oil embargo was announced in response to the United States resupplying the Israeli military during the Yom Kippur War.
    • $2.2 billion given in emergency aid
    • $1.5 billion given in grant money
  • Effect on U.S.:
    • Oil prices raised 70% ($5.11 a barrel)
    • U.S. citizens could only get gas on certain days of the week
  • Environmental Significance:
    • Caused the U.S. to think more efficiently.
    • Car companies were forced to come up with more gas efficient cars.

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Works Cited

Burt, Greg. "The Arab Oil Embargo: What Happened and Could it Happen Again? | HeatingOil.com." Save On Home Heating Oil | HeatingOil.com. N.p., n.d. Web. 16 Feb. 2011. <http://www.heatingoil.com/articles/arab-oil-embargo-happened-happen/>.

1980, and there were no longer full-size luxury cars with a 130-inch (3.3 m) wheelbase. "1973 oil crisis - Wikipedia, the free encyclopedia." Wikipedia, the free encyclopedia. N.p., n.d. Web. 16 Feb. 2011. <http://en.wikipedia.org/wiki/1973_