Complete the given sentence, which discusses the impact of globalization and interdependency. In 1973, World Bank, OPEC,APEC cre
ated a major oil crisis in western European nations and the United States by declaring an embargo against them. The Quality,Waste, Shortage of fuel disrupted businesses and limited the use of cars and other vehicles.
In 1973, OPEC created a major oil crisis in Western European nations and the United States by declaring an embargo against them. The shortage of fuel disrupted businesses and limited the use of cars and other vehicles.
This examples shows interdependence because the US economy was negatively effected by the economic sanctions placed on them by countries who were part of OPEC. This resulted in long gas lines in the US, as well as limits on how much gas individuals could buy at one time.
The Arab nations of OPEC placed the embargo on the United States and some European nations as a response to their support of Israel in its 1973 war against a coalition of Arab states led by Egypt and Syria.
OPEC stands for the Organization of Petroleum Exporting Countries. Within that, there was also the Organization of Arab Petroleum Exporting Countries (OAPEC), formed in 1968. In 1973, OAPEC said they would cut oil production "until the Israeli forces are completely evacuated from all the Arab territories occupied in the June 1967 war." (The 1973 war was being fought to regain control of territories lost to Israel in 1967.) Egypt and Syria were both members of OAPEC, and they and other Arab nations were seeking leverage in the struggle with Israel and positioning for post-war settlements.
