The Basics of Business History: Nos. 40 to 21

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40. The OPEC oil shock: 1973-74.

Angered at the West's support of Israel in the Arab-Israeli War, King Faisal of Saudi Arabia in October 1973 sanctions an oil embargo by the powerful Organization of Petroleum Exporting Countries. The countries, including pals like Iran, Iraq, Kuwait and Nigeria, keep much of the world at their mercy for five months, with effects stretching well beyond. Among the most significant: Sammy Hagar's I Can't Drive 55. ...