The
1973 oil crisis began in October 1973 when the members of the
Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the
Arab members of
OPEC plus
Egypt and
Syria) proclaimed an oil
embargo. By the end of the embargo in March 1974, the price of oil had risen from $3 per
barrel to nearly $12 globally; US prices were significantly higher. The oil crisis, or "shock", the embargo caused had many short-term and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the
1979 oil crisis, termed the "second oil shock."