In October of 1973, oil was $3 a barrel and everything seemed fine. The oil industry seemed like it had a bright future at the time, until OPEC decided to create an oil embargo as a result of the United States backing Israel in the Yom Kippur War. Oil shot up to $12/barrel globally, with the US prices being much higher. This caused an "oil shock" which had many short-term and long-term political a...
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Publication Date: July 27, 2017
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