The failure in 1973 to return to convertibility, or hold the exchange rate, at a 42.22nd of a gold ounce, rattled currency ...

Last Updated on June 30, 2025 by Matt Staff The 1970s oil crisis hit everyone with the gravity of an empty-tank warning light ...

The full impact of the war on the price of oil became apparent only after the Organization of Arab Petroleum Exporting Countries (OAPEC), the oil cartel, imposed a crude embargo on the US in ...

On the afternoon of May 2, 1975, the heads of three major New York commercial banks sat down with Governor Hugh Carey at his midtown Manhattan office. The meeting was brief and the bankers got quickly ...

Roughly 20% of the world’s daily oil supply – 20 million barrels accounting for nearly 30% of world oil trade – flows through the Strait of Hormuz, the narrow chokepoint separating Iran from the ...

In 1973, in the face of a debilitating energy crisis, President Richard M. Nixon lit a National Christmas Tree sporting just a single light.

In retaliation for U.S support of Israel in the Yom Kippur War of 1973, oil-producing Arab nations cut off crude exports to the U.S. As a result, the price of crude oil soared from about $25.34 in ...

The real nail in the coffin came in 1973, when OPEC oil suppliers imposed an oil embargo on the United States, essentially tripling the price of oil. U.S. automakers were forced to respond by ...

In 1973, Arab OPEC producers led by Saudi Arabia imposed an oil embargo on the United States in retaliation for its support for Israel in the Middle East war in October of that year.

This had changed after the OPEC oil embargo was lifted in March 1974 but, as also analysed in full in my new book on the new global oil market order, under the guidance of Henry Kissinger (U.S ...

Hours before our meeting on 18 October, Iran had recommended that the nations of the Organisation of Islamic Co-operation, led by Saudi Arabia, should embargo oil exports to Israel in response to the ...