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1973 Energy 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] |
West Texas Intermediate
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX). The WTI oil grade is also known as Texas light sweet, oil produced from any location can be considered WTI if the oil meets the required qualifications. Spot and futures prices of WTI are used as a benchmark in oil pricing. This grade is described as light crude oil because of its low density and sweet because of its low sulfur content. The price of WTI is often included in news reports on oil prices, alongside the price of Brent crude from the North Sea. Other important oil markers include the Dubai crude, Oman crude, Urals oil, and the OPEC reference basket. WTI is lighter and sweeter, containing less sulfur than Brent, and considerably lighter and sweeter than Dubai or Oman. WTI crud ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Israel
Israel, also known as the Holy Land or Palestine, is the birthplace of the Jewish people, the place where the final form of the Hebrew Bible is thought to have been compiled, and the birthplace of Judaism and Christianity. In the course of history, the region has come under the sway of various empires and, as a result, has historically hosted a wide variety of ethnic groups. Today it contains sites that are sacred to many Abrahamic religions, including Judaism, Samaritanism, Christianity, Islam, Druzism, and the Baháʼí Faith. First known in the historical record as Canaan, the area became a hotbed of competing civilisations and cultures, including that of the Israelites, resulting in the emergence of the Iron Age kingdoms of Israel, Judah and Philistia. The region was subsequently invaded, conquered and administered to varying degrees by Assyria, Babylonia, Persia and Macedonian Greece. A brief era of independence under Hasmonean rule ended when the region was incorpor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
