USA HISTORY

Detailed explanation-1: -The onset of the embargo contributed to an upward spiral in oil prices with global implications. The price of oil per barrel first doubled, then quadrupled, imposing skyrocketing costs on consumers and structural challenges to the stability of whole national economies.

Detailed explanation-2: -After the imposition of the embargo, the price of a barrel of oil quadrupled by 1974. As a result, the United States experienced its first fuel shortage and first significant increase in gasoline prices since World War II.

Detailed explanation-3: -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-4: -With the OPEC oil embargo of 1973, oil prices jumped 350%, and the higher costs rippled through the economy. Although business and government asked consumers to help by conserving energy, and entrepreneurs worked on solutions, the economic crises worsened. As things got more expensive, businesses laid off workers.

Detailed explanation-5: -In response, President Richard Nixon instituted a rationing program intended to safeguard American oil supplies and ensure continued low prices. Nixon’s policy helped lead to shortages at gasoline stations.