petroleum

The Organization of Petroleum Exporting Countries (OPEC) is a group of nations that sets the oil prices and production levels of oil. In 1973, OPEC imposed an embargo on oil to the United States because of their support for Israel. OPEC also quadrupled the cost of foreign oil in 1973, causing a recession in the United States.



Information provided by: America: Pathways to the Present (pg. 828) Picture provided by: []