Question

Watch this video about OPEC. Explain what happened in 1973 in the U.S. when those countries placed an embargo on oil production.

Answer 1

In 1973, OPEC countries placed an embargo on oil production to the United States in response to the U.S.'s support for Israel during the Yom Kippur War. This led to a severe oil crisis in the U.S., causing oil prices to quadruple and resulting in long lines at gas stations, fuel shortages, and high inflation. The embargo also had a significant impact on the U.S. economy, leading to a recession and increased unemployment. This event highlighted the vulnerability of the U.S. to disruptions in the global oil market and sparked efforts to reduce dependence on foreign oil sources.