1973 Oil Embargo
The 1973 Oil Embargo was a significant event in which members of the Organization of Arab Petroleum Exporting Countries (OAPEC), primarily Arab nations, halted oil exports to countries that supported Israel during the Yom Kippur War. This decision led to a dramatic increase in oil prices and caused widespread fuel shortages in the affected countries, particularly in the United States and parts of Europe.
The embargo highlighted the vulnerability of nations dependent on imported oil and prompted many to seek alternative energy sources. It also led to changes in energy policies, increased interest in energy conservation, and the development of strategic petroleum reserves in various countries.