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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


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