This Day in Green History: March 18th, 1974- Arab Nations End Oil Embargo (://URLFAN)

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This Day in Green History: March 18th, 1974- Arab Nations End Oil Embargo

Post Date: Mar 18, 2008 12:18 p.m.
Ranked website: earthfirst.com (Ranks #16485 of 3,783,534)

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On March 18th , 1974 , most of the Arab oil producing states ended their embargo against the United States, ending any short lived interest the average American had in gas efficiency for the next thirty plus years. The embargo started in the thick of the Yom Kippur War on October 17, 1973 when OPEN announced that they would not be delivering oil to nations that support Israel. Oil prices soared, quadrupling in the US to $12/barrel by the next year. Wikipedia has it : This increase in the price of oil had a dramatic effect on oil exporting nations, for the countries of the Middle East who had long been dominated by the industrial powers were seen to have acquired control of a vital commodity. The traditional flow of capital reversed as the oil exporting nations accumulated vast wealth. Some of the income was dispensed in the form of aid to other underdeveloped nations whose economies had been caught between higher prices of oil and lower prices for their own export co...

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