16.10.2013 - OPEC embargo - 40 years later
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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