Mon, Oct 20, 2014
A A A
Welcome kbr175@gmail.com
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 37533 posts on Opalesque Commodities Briefing.


Contact the author

Comments are closed.

banner
October 2014
S M T W T F S
« Sep    
 1234
567891011
12131415161718
19202122232425
262728293031