The True Story of the Oil Crisis of 1973-1974
On October 6, 1973, Egypt and Syria attacked Israel. The Soviet Union supplied the Arab nations and the United States backed Israel. On October 16, with the war going badly for Egypt and Syria, a group of Arab oil producing countries retaliated, raising oil prices by 17% and announcing production cuts. The ‘Oil Crisis’ had … Continue reading The True Story of the Oil Crisis of 1973-1974
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