into little impact until 1973. Before this organization‚ the great oil companies of the West ruled the roost. Oil is the lifeblood of the industrialized nations as it is used to fuel planes‚ cars‚ tanks‚ skyscrapers‚ fertilizer‚ drugs and synthetics. Yet back before the days of OPEC‚ the great oil companies often retained 65% or more of the revenue from a product that was produced on someone else’s property. Then in 1960‚ many of the oil producing nations‚ from both the Middle East and elsewhere‚ formed
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1973-1974 Oil Embargo The oil embargo of 1973 was one of the most significant events regarding the United States macroeconomy. This event was a refusal of Arab countries to sell oil to pro-Israeli countries. The embargo began on October 17‚ 1973‚ when the Organization of Arab Petroleum Exporting Countries‚ or OAPEC‚ declared they would immediately cut oil production by 5 percent and will continue until Israel withdrew from the West Bank‚ Gaza‚ and Jerusalem. Saudi Arabia and Kuwait soon followed
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OPEC Oil Embargo The Organization of Petroleum Exporting Countries (OPEC) was created in 1960 with the idea of unifying and protecting the interests of petroleum-producing countries. The members of this organization include: Iran‚ Iraq‚ Kuwait‚ Saudi Arabia‚ Venezuela‚ Qatar‚ Indonesia‚ Libya‚ The United Arab Emirates‚ Algeria‚ and Nigeria. Their goal was to slowly take over the function of the companies‚ at least in production‚ and then increase the amount of revenues they could retain. Despite
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1973 Oil Crisis By Sarah Horton In October of 1973 Middle-eastern OPEC nations stopped exports to the US and other western nations. They meant to punish the western nations that supported Israel‚ their foe‚ in the Yom Kippur War‚ but they also realized the strong influence that they had on the world through oil. One of the many results of the embargo was higher oil prices all throughout the western world‚ particularly in America. The embargo forced
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two years of oil supply left. Once we run out of oil‚ we will only go downhill from there‚ so we have to act now and fast. The United States have disappointed us as a country in several ways. They have established the Immigration Quota Act‚ which has restricted our immigration to the United States. They have also frozen our assets and bank accounts. Now‚ we are not able to use our money. This incident has delayed us in our finances. The United States have also enforced an oil embargo on us. The United
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ARAB OIL BOOM The Arab oil boom took place after the 1967 war. The 1973 oil crisis began on October 17‚ 1973‚ when Arab members of the OPEC‚ during the Yom Kippur War‚ announced that they would no longer ship petroleum to nations that had supported Israel. This included the United States and its allies in Western Europe. At around this same time‚ the OPEC members agreed to use their leverage over the world price-setting mechanism for oil in order to quadruple world oil prices. The dependence
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In 1807‚ the Embargo Act made a large impact to the United States. In order to reduce the risk of a war‚ the Embargo act halted trade between the United States and Europe. Sadly‚ this Act hurt the United States more than it was intended to‚ causing a downfall in the economic market. Quickly realizing the impact it
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By: patty young E-mail: cakes1104@aol.com Cuba and the Affects of the Embargo The island nation of Cuba‚ located just ninety miles off the coast of Florida‚ is home to 11 million people and has one of the few remaining communist regimes in the world. Cuba ’s leader‚ Fidel Castro‚ came to power in 1959 and immediately instituted a communist program of sweeping economic and social changes. Castro allied his government with the Soviet Union and seized and nationalized billions of dollars of American
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never change with the United States and Cuba and both have decided against Cuba joining the United States. The main thing that will not seem to change is the fact that the United States still holds the embargo act on Cuba. The U.S. government’s normalized relations with Cuba don’t mean the embargo goes away. International relations with
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Ending the Embargo on Cuba Since 1962 the United States has implemented an embargo on Cuba‚ justifying it in the context of protecting the United States from the dangers of communism. This 50 year embargo has several original goals. The United States wanted Cuba to open up its economy and establish a democracy; weaken Cuba’s communist government; and force Fidel Castro out of power (Scott). These original goals were employed to essentially help Cuba from itself and to make a stance against communism
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