The OPEC Oil Embargo
Tensions and conflict in the Middle East is far from a new phenomenon. However, since the formation of Israel those tensions have erupted into conflict more than once, when Egypt and Syria decided to launch a surprise attack on Israel in 1973, its effects would be felt all over the world.
Although the Yom Kippur War would last only 20 days, with Israel coming out victorious, the losers would find a way to punish those nations that allied themselves with the Jewish state. There had already been a few energy crises in the region throughout the 60’s and early 70’s but soon after the Yom Kippur War ended, the OPEC (The Organization of the Petroleum Exporting Countries) countries would impose an oil embargo.
The embargo would have the desired effect as countries in the West would see inflation and unemployment go up, just as their economies plunged downwards. Suddenly, countries had to find a new source of oil and the realization of just how defendant the West is on Middle Eastern oil came into sharp focus and we’ve been fighting over it ever since.
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