Oil Crisis - OPEC

OPEC decided to set oil prices without consulting buyers

Feb 3, 1971

Oil becomes a weapon

Sep 17, 1973

Oil becomes a weapon

Sep 17, 1973

Oil Crisis Begins

Oct 1, 1973

OPEC raised oil price by 70%, to $5.11 a barrel

Oct 16, 1973

World prices were four times higher than they had been at the start of oil crisis

Jan 1, 1974

OPEC decides to freeze prices until April 1st

Jan 7, 1974

Second Oil Crisis Begins

Nov 7, 1978

OPEC raised oil prices 15%

Jun 26, 1979

OPEC raised oil prices again by 50%

Jun 28, 1979