USA HISTORY

Detailed explanation-1: -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-2: -The OPEC oil embargo was an event where the 12 countries that made up OPEC at the time stopped selling oil to the United States. The embargo sent gas prices through the roof. Between 1973 and 1974, prices more than quadrupled. The embargo contributed to stagflation.

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: -CAPE TOWN, Oct 18 (Reuters)-The OPEC+ oil producers group moved unanimously to cut output to prevent a crisis and stem a tide of volatility, OPEC’s secretary-general told an energy conference in South Africa on Tuesday.

Detailed explanation-5: -The impact hit American consumers in their wallets as retail prices for gasoline soared by 40 percent in November 1973 alone. Fearful of shortages of gasoline, Americans lined up at the pump to refuel while gas stations raised their prices several times per day.