The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. The embargo lasted from October 1973 to March 1974. It was the first global exogenous economic shock that crashed stock markets and sent most of the world’s economies into a major recession. By the end of the embargo in March 1974, the price of oil had risen from US$3 per barrel to nearly $12 globally.
The U.S. government also imposed regulations by creating the EFO that further created the appearance of shortages. The media also falsely reported and even sensationalized purported shortages.
Here below are some pictures from around the world that show the effects of the 1973 Oil Crisis.
