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 US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- 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." 

The crisis had a major impact on international relations and created a rift within NATO. Some European nations and Japan sought to disassociate themselves from United States foreign policy in the Middle East to avoid being targeted by the boycott. Arab oil producers linked any future policy changes to peace between the belligerents. To address this, the Nixon Administration began multilateral negotiations with the combatants. They arranged for Israel to pull back from the Sinai Peninsula and the Golan Heights. By January 18, 1974, US Secretary of State Henry Kissinger had negotiated an Israeli troop withdrawal from parts of the Sinai Peninsula. The promise of a negotiated settlement between Israel and Syria was enough to convince Arab oil producers to lift the embargo in March 1974. QUESTIONS:

Q1:
1. At what period did the oil crisis begin?
2.  At what date did the oil crisis start?
3. 
Q2:
1. How many months did the oil crisis last?
2. For how long did the oil crisis last?
3. 
Q3:
1. By how much did costs increase?
2. How important was the increase in costs?
3. 
Q4:
1. What else is the oil crisis called ?
2. How else is the oil crisis designated?
3. 
Q5:
1. How many oil crises occurred ?
2. In what number did the oil crises occur?
3. 
Q6:
1. What entity caused the oil crisis?
2. Who was at the origin of the oil crisis?
3. 
Q7:
1. Why was the oil crisis triggered?
2. For what reason was the oil crisis caused?
3. 
Q8:
1. Who started negotiating to raise the embargo?
2. What organization started negotiating to raise the embargo?
3. 
Q9:
1. What choices were made regarding the oil crisis?
2. What decisions were taken regarding the oil crisis?
3. 
Q10:
1. Who had to come to an agreement in this situation?
2. Who made peace in this situation?
3. 
Q11:
1. Did these accords prove to be an advantage for the members of OPEC ?
2. Did this situation help members of OPEC?
3. 
Q12:
1. In which way did these developments benefit members of OPEC?
2. How were OPEC members helped by this situation?
3. 
Q13:
1. Who was the principal target of the embargo?
2. Who was targeted by the embargo?
3. 
Q14:
1. Who took a step back from the US during this time?
2. Who moved away from the US during this period?
3. 
Q15:
1. What triggered the second oil shock?
2. What engendered the second oil shock?
3. 
