Egypt and Syria launched a surprise attack against Israel in October 1973. Because of this, the US provided Israel with admit against any attack, which in exchange received Arab oil color. The US citizens took emolument of this and demanded larger amounts of this cheap oil. Then Egyptian and Israeli representatives pertinacious that they weren´t going to export no to a greater extent(prenominal) anoint. They did it because they horizon that it wasn´t fair on their countries to get paid so little for the crude oil and then having to pay scores more for the processed oil which they had given to them. The limitations of exporting cover were to countries such as: the US, Portugal, South Africa and Rhodesia. This limitation made oil colour prices to increase and so large companies wanted to buy more and more of it; large countries lost their independence over Oil supplies. These countries suffered an sparing depression and the third world countries suffered even more.
These countries suffered more because of their lack of resources (Oil) of their own and money to export their own resources. This was when OPEC was created to brace the Oil industry around the world and sustain Oil prices. Many people was afraid that the Oil power get in Soviet hands and so the US and its ally sent people to reinforce and secure the power of Oil from the soviets (in the Persian Gulf). This plan secured to the U.S. that Iran would be there allies in protecting the Gulf from any Soviet attack or invasion that took place. The Oil industry kept balanced and economic depression recovered. If you want to get a full essay, influence it on our website:
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