WHEN OIL SHIPMENTS were restricted and even embargoed by the Arab producing countries following the Egyptian invasion of Israel on October 6, 1973, the world suddenly found itself confronted with what has come to be referred to as the “energy crisis.” This was not the first occasion on which oil deliveries from the Middle East had been cut off. It was, however, the first occasion on which the curtailment was accompanied by an explosion in prices.
KeywordsDepression Europe Petroleum Shipping Hydrocarbon
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