Oil Embargo

What caused OPEC to stop selling oil to the US?

• America sending aid to Israel

• America doing nothing to aid Israel

• Russia sending aid to America

• Syria and Egypt sending aid to Russia

What is an embargo?

• an official ban on trade with a particular country

• a tax

• a limited quantity of a particular product

• a tax on barges

In 1968, the Organization of the Petroleum

Exporting Countries publicly declared that all

member nations had the inalienable right to

which of the following?

• ownership of their militaries

• ownership of their waterways

• ownership of their human capital

• ownership of their natural resources

After Iraq invaded Kuwait, the United Nations used this trade barrier to stop other countries from trading with Iraq:

• mountain

• tariff

• quota

• embargo

What was the primary reason for the 1973 oil embargo imposed by OPEC?

• Support for Israel by Western countries

• Overproduction of oil

• Environmental concerns

• Technological advancements

Which countries were primarily involved in the 1973 oil embargo?

• OPEC countries and the United States

• China and Japan

• Russia and Canada

• India and Pakistan

What was one major economic impact of the 1973 oil embargo on Western countries?

• Increased inflation

• Decreased unemployment

• Stable oil prices

• Increased agricultural output

Which organization was responsible for the 1973 oil embargo?

• OPEC

• NATO

• UNESCO

• WTO

How did the 1973 oil embargo affect global oil prices?

• Prices quadrupled

• Prices halved

• Prices remained stable

• Prices slightly decreased

What was a significant political outcome of the 1973 oil embargo?

• Increased focus on energy independence

• Decreased military spending

• Increased agricultural subsidies

• Decreased interest in nuclear energy