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Start of OPEC
OPEC begin in 1960 causing a change in society, the main goal was to prevent the world’s largest oil producers, refiners, and marketers from lowering the price of oil, which they had always specified. OPEC was created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela -
Opec
The international oil market being dominated by the seven sisters was a change. They controlled almost up to 90% of what was shipped in the Unitied States. The seven sisters were interlocked with 8 of the largest banks in the country. -
Embargo
opec enacts oil embargo this would be a turning point, they acutely strained a U.S. economy that had grown increasingly dependent on foreign oil. The Arab oil producers declared an embargo because they wanted more money for their oil, this was a cause and effect, they drastically limited the shipment of oil to the United States. -
Embargo
embargo ended march 1974. The embargo against the United States was lifted after U.S. Secretary of State Henry Kissinger succeeded in negotiating a military disengagement agreement between Syria and Israel
