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oil shortage of the 1973

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What were the effects of the oil shortage of the 1973 on American society? Although oil prices have steadied a bit more recently, do you see any comparisons with how prices have risen over the past few years?

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Solution Summary

Effects of the oil shortage of 1973 are described.

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Effects:

1) Affected the Nixon Administration's policy with Israel, particularly with the Gaza Strip.
2) Arabic nations were hostile to/with the US due to US foreign policy aid to Israel.
3) Prices of oil increased worldwide, egged on by OPEC.
4) American manufacturers ...

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