Why was there an oil crisis in 1973?

Aug. 3, 2019, 5:45 p.m. -- Latest version
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The 1973 Oil Crisis is an international crisis that took place in 1973 with the decision of several countries in the Persian Gulf not to export oil to western countries.

The determination of the Arab OPEC bloc to carry out an oil embargo on Western nations was an act of reprisal against countries that supported Israel in the Yom Kippur War. This measure of punishment caused an increase in oil prices and consequently a sharp increase in inflation. Other effects of this crisis were rising unemployment and low economic growth.

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