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The COMPLETE History about 1973 Oil Crisis: OPEC's Embargo and the Global Impact of Stagflation

The 1973 oil crisis was marked by a significant surge in oil prices following an embargo imposed by OPEC (Organization of the Petroleum Exporting Countries) in response to Western support for Israel during the Yom Kippur War. This embargo led to a quadrupling of oil prices, causing widespread economic turmoil and resulting in stagflation—an unusual combination of stagnant economic growth, high unemployment, and rising inflation. The crisis affected economies globally, prompting many countries to reevaluate their energy policies, leading to a push for alternative energy sources and greater energy conservation efforts. The 1973 oil crisis had lasting effects on the global economy and reshaped the geopolitical landscape regarding energy resources.