October 17, 1973 - OPEC enacts oil embargo.

On October 17, 1973, the principle leaders of OPEC, the Organization of Petroleum Exporting Countries, convene in Algiers. The all Arabic summit declares all oil exports suspended against all nations considered to have helped Israel in the 1973 October war. The Arab oil embargo soon causes major shortages in the U.S. and Britain and gas rationing produces many long car jams at filling stations. Saudi Arabia later advocated only moderate price hikes but in the meantime the cost of crude oil rose 400% in the next year.

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