When did the oil crisis begin?
October 1973
How long did it last?
Six months
How much did costs rise?
At least $9.
Whats another name for it?
First oil shock
How many others were there?
One
Who caused it?
Organization of Arab Petroleum Exporting Countries
Why?
United States policies in the Middle East
Who started deliberating to raise the embargo?
Nixon Administration
What did they do?
Arranged for Israel to pull back from the Sinai Peninsula and the Golan Heights.
Who had to make peace in this process?
Israel and Syria
Did these developments directly benefit members of OPEC?
Yes
How so?
Syria and Egypt were members, and they benefited from Israel's withdrawals.
Who was the primary target of the embargo?
Israel
Who distanced themselves from the US during this time?
Some European nations and Japan
What cause the second oil shock?
unknown