What triggered the oil crisis of the 1970s?

2 answers:

5 0

What triggered the oil crisis in the 70s was the decision taken by oil exporting countries, members of OPEC to stop the export of crude oil to those countries that showed their support for Israel when there were wars with Egypt and Syria in Arab territory.

This as such triggered a deep crisis since the affected countries were the biggest consumers of oil. The crisis as such sharpened the increase in crude oil and markedly reduced economic activities, which negatively affected the development of activities where the use of oil was indispensable.

zheka24 [161]3 years ago

4 0

It was due to <span>the OPEC oil embargo</span>

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