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| | 1973 oil crisis - Voyager, the free encyclopedia (Site not responding. Last check: ) |
 | | The complete dependence of the industrialized world on oil, much of which was produced by Middle Eastern countries, became painfully clear to the U.S., Western Europe, and Japan, requiring Western policymakers to respond to international economic constraints that were qualitatively different from those faced by their predecessors. |
 | | Oil, especially from the Middle East, was paid for in United States dollars(aka petrodollars), at prices fixed in dollars. |
 | | On October 16th, 1973, as part of the political strategy that included the Yom Kippur War, OPEC cut production of oil, and placed an embargo on shipments of crude oil to the West, with the United States and the Netherlands specifically targeted. |
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