The Oil crisis of 1973 began on October 16, 1973, following the decision that the organization of Arab Oil Exporting Countries and Iran of not to export an ext oil come the nations that had supported Israel during the Yom Kippur war, which confronted Israel against Syria and Egypt. This measure consisted of the united States and also its western European allies.

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The rise in price, along with the heavy dependence that the industrialized people on oil, brought about a strong inflationary effect and also a reduction in the economic task of the affected countries. These countries responded through a series of permanent measures to curb their exterior dependence.




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