Oil prices rose substantially within a short time. The crisis led to energy bottlenecks, economic recession, and inflation in oil-dependent industrialized countries. The event increased the importance of the concept of energy security and led many countries toward alternative energy sources and conservation policies.
Source: Wikipedia
Frequently asked questions
- What was 1973 Oil Crisis?
- The 1973 Oil Crisis began when the Arab oil-exporting countries imposed an oil embargo against countries that supported Israel during the Yom Kippur War.
- When did 1973 Oil Crisis happen?
- 1973 CE
- Where did 1973 Oil Crisis take place?
- Dünya