The 1973 Oil Crisis
- A
Was a purely domestic dispute over Texas oil prices that had no link to OPEC, the Middle East, or foreign policy
- Bcheck_circle
Was an OPEC oil embargo against Western support of Israel; caused fuel shortages, inflation, and economic stagnation
- C
Increased the global oil supply and caused gasoline prices to fall sharply throughout the United States and Europe
- D
Was a brief, minor disruption that lasted only a few days and had no significant impact on inflation or the economy
Explanation
Began an era of stagflation and energy concerns.