October 17 1973 CE – OPEC Proclaims an Oil Embargo Against the US for Aiding Israel

October 17 1973 CE – OPEC Proclaims an Oil Embargo Against the US for Aiding IsraelRate this post *Image Credit: Wikimedia Commons The Organization of the Petroleum Exporting Countries (OPEC), furious military supplies were being provided to Israel by the United States during the Yom Kippur War, took a remarkable step on October 17, 1973: instating an oil embargo against one of the largest consumers in the world. Sending shockwaves through the world economy, the decision has had a lasting effect on markets in every time zone. Seeds for the blockade were planted in the summer of 1971, when the American government opted to take the US Dollar off the […]