In October of 1973, OPEC raised the posted oil price 70% because they had gotten so much power after the Arab-Israeli War (Organization of Petroleum Exporting Countries 1). During the war, the United States and the Netherlands aided Israel by giving them money, but the day after the money was given to Israel, OPEC placed the embargo banning oil from being sent to both of the countries (Arab-Israel War (1973) 2). In the years to come oil costs rose even more. Eventually oil became 400% above the price in September of 1973. This change caused chaos in the European economy (OPEC Oil Embargo 1). This economic change caused living costs to rise 10% making it hard for people to pay for essential
In October of 1973, OPEC raised the posted oil price 70% because they had gotten so much power after the Arab-Israeli War (Organization of Petroleum Exporting Countries 1). During the war, the United States and the Netherlands aided Israel by giving them money, but the day after the money was given to Israel, OPEC placed the embargo banning oil from being sent to both of the countries (Arab-Israel War (1973) 2). In the years to come oil costs rose even more. Eventually oil became 400% above the price in September of 1973. This change caused chaos in the European economy (OPEC Oil Embargo 1). This economic change caused living costs to rise 10% making it hard for people to pay for essential