October 17 1973 CE – OPEC Proclaims an Oil Embargo Against the US for Aiding Israel

October 17 1973 CE – OPEC Proclaims an Oil Embargo Against the US for Aiding Israel4 (80%) 1 vote *Image Credit: Wikimedia Commons The Organization of the Petroleum Exporting Countries (OPEC), furious military supplies were being provided to Israel by the United States during the Yom Kippur War, took a remarkable step on October 17, 1973: instating an oil embargo against one of the largest consumers in the world. Sending shockwaves through the world economy, the decision has had a lasting effect on markets in every time zone. Seeds for the blockade were planted in the summer of 1971, when the American government opted to take the US Dollar off […]