The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War.[1] The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974,[2] the price of oil had risen from US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy.[3] It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock."
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Regressive Tax is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases.
Main taxation that could be extremely depressing to a lower-income home/family would be Poll Taxation.
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The Eastern hemisphere is half of the earth that is located east 0° longitude or you can say east of the Prime meridian. The Western Hemisphere is half of the eath that is west of the Primer Meridian This can include oceans and continents as well!
