When Oil Shocked the Globe

Ryan C. Smith ()

Chapter Chapter 4 in The Real Oil Shock, 2022, pp 45-68 from Springer

Abstract: Abstract The story of the Oil Embargo of 1973 always begins with the 1973 resumption of the Arab–Israeli Wars known as the October War, in the Arab World, and the Yom Kippur War in Israel. As this chapter will show, the tensions between OPEC’s members and the dominant players in global oil markets had built up for decades. This new round of conflict provided a direct, political justification for escalating a long-brewing economic conflict to a breaking point. The 1973 Embargo re-aligned the economic balance of power in favor of OPEC’s members, providing them with one of the largest transfers of wealth in economic history. The distribution of these funds made the petrocapital cycle as we know it possible.

Date: 2022
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DOI: 10.1007/978-3-031-07131-7_4

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