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For example, in 1973 members of the
Organization of the Petroleum Exporting (OPEC) announced, they were no longer going to ship
oil to the nations that were supporting Isreal in the Yom Kippur War, and the United States was
one of the countries that was supporting Iseral during this war, (Conte, C...
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& Karr, R. A.
(February 2001) An Outline of the US Economy Ch.2, 3) by cutting the supply of oil to the
United States this caused a “push in energy prices rapidly higher creating a shortage in oil and
gas… adding to inflation and eventually causing rising rates of unemployment, the Federal
budget deficits grew, foreign competition intensified, and the stock market sagged...
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