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Oil Crisis

The oil crisis of 1973 grew out of the decision by OPEC to declare an oil embargo as a result of America`s decision to resupply the Israeli military during the Yom Kippur War. In the United States, it created a shortage of gasoline that resulted in long lines at service stations. The embargo lasted until March 1974, but although production returned to previous levels, prices shot up from $3 to $12 and never fell as low again.