Mon, Mar 30, 2015
A A A
Welcome preal121
RSS

Commodities Briefing - Categorized | Oil, Research more

OPEC embargo - 40 years later

Posted on 16 October 2013

Forty years ago, America fell victim to an oil embargo launched by the Organization of Petroleum Exporting Countries (OPEC) amidst a thorny political situation gripping the Middle East. At the time, the United States was importing just over a third of its oil —remarkably similar to today’s level.
As oil supplies from key Middle East producers fell precipitously, oil prices quadrupled. America suffered a plummeting stock market, multi-hour gas station waiting times, and descent into the worst economic recession since the Great Depression………………………………………..Full Article: Source


 Article link

This post was written by:

VRS - who has written 39856 posts on Opalesque Commodities Briefing.


Contact the author

Comments are closed.

banner
banner
March 2015
S M T W T F S
« Feb    
1234567
891011121314
15161718192021
22232425262728
293031