What was OPEC protesting when it imposed its embargo?

2 answers:

kramer3 years ago

4 0

The US was supporting the Israeli military during the Yom Kippur War, which is the reason why the OPEC acted in retaliation in order to stop the US from getting into outside conflicts. The answer would be C!

Have a nice day! :)

Arte-miy333 [17]3 years ago

3 0

Answer:

OPEC was protesting US support of the Israeli military during the Yom Kippur War when it imposed its embargo.

Explanation:

In response to US aid to Israel, OPEC raised its oil price from 70% on October 16, 1973 to $ 5.11 a barrel. Saudi Arabia and the other Arab oil-producing states joined the embargo on October 20, 1973.

Price increases were also imposed. As short-term demand for oil is inelastic, immediate demand falls little as the price rises. As a result, market prices rose from $ 3 a barrel to $ 12 a barrel to adjust demand to lower new supply. The world financial system, which was already under pressure from the Breton Woods collapse, was set on a recessionary path and inflation, which persisted until the early 1980s, with oil prices remaining high until 1986.

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