in 1973 the organization of petroleum exporting countries (OPEC) decided to increase their prices drastically and placed an emba

Question

den301095 [7]

3 years ago

7

in 1973 the organization of petroleum exporting countries (OPEC) decided to increase their prices drastically and placed an emba

rgo on sales to the united states. what was the result of this?

History

1 answer:

Margaret [11] · Answer 1 · 2022-08-19T06:32:29+03:00

The result of the OPEC oil embargo of 1973 had a dramatic impact on global energy markets and specifically the United States. The embargo caused major problems in supply and also dramatically increased the price of oil. This led to a major stock market crash and general economic crisis and decline.