Economic Impact on the Free World of the Oil Crisis, October 1973 - March 1974.
Abstract
The Arab-Israeli October 1973 war resulted in an oil embargo against countries supporting Israel and substantially higher petroleum prices charged by oil-exporting countries. The essay presents pre-war petroleum conditions, the development and effect of the oil embargo, international economic imbalances created by higher oil prices, and the impact of the energy shortage and higher prices on US economy and industrial activities. The seriousness of trade imbalances caused by higher oil prices and the shift of economic power from oil-consuming to oil-producing nations is developed. The newly gained economic strength of oil-producing countries and how the wealth is being used is discussed. The current inability of the Western World to cope with or influence the actions of the oil-producing countries is also presented.
Document Details
- Document Type
- Technical Report
- Publication Date
- Oct 31, 1974
- Accession Number
- ADA003136
Entities
People
- Richard L. Nidever
Organizations
- United States Army War College