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1974 Talladega 500
Major events in 1974 include the aftermath of the 1973 oil crisis and the resignation of United States President Richard Nixon following the Watergate scandal. In the Middle East, the aftermath of the 1973 Yom Kippur War determined politics; following Israeli Prime Minister Golda Meir's resignation in response to high Israeli casualties, she was succeeded by Yitzhak Rabin. In Europe, the invasion and occupation of northern Cyprus by Turkish troops initiated the Cyprus dispute, the Carnation Revolution took place in Portugal, and Chancellor of West Germany Willy Brandt resigned following an espionage scandal surrounding his secretary Günter Guillaume. In sports, the year was primarily dominated by the FIFA World Cup in West Germany, in which the German national team won the championship title, as well as The Rumble in the Jungle, a boxing match between Muhammad Ali and George Foreman in Zaire. Events January–February * January 26 – Bülent Ecevit of Repub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1973 Oil Crisis
The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC), led by Saudi Arabia, proclaimed an oil embargo. The embargo was targeted at nations that had supported Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States, though the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen nearly 300%, from US to nearly 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". Background Arab-Israeli conflict Ever since the recreation of the State of Israel in 1948 there has been Arab–Israeli conflict in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
