THE 1970S 1969 1979
FOREIGN POLICIES OF PRESIDENT NIXON
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Exxon group
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Middle East Oil Cartel (MEOC)
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OPEC:Organization of Oil Exporting Countries
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OPI:Oil Producers International
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Detailed explanation-1: -During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military and to gain leverage in the post-war peace negotiations.
Detailed explanation-2: -October 1973–January 1974 The embargo ceased U.S. oil imports from participating OAPEC nations, and began a series of production cuts that altered the world price of oil. These cuts nearly quadrupled the price of oil from $2.90 a barrel before the embargo to $11.65 a barrel in January 1974.
Detailed explanation-3: -The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC), led by King Faisal of Saudi Arabia, proclaimed an oil embargo. The embargo was targeted at nations that had supported Israel during the Yom Kippur War.
Detailed explanation-4: -The oil embargo is widely blamed for causing the 1973-1975 recession.