Question

Besides issuing the oil embargo, what other things did OPEC do in 1973? select all that apply.

raised the price of oil
overproduced oil
cut oil production
dropped the price of oil

Answer 1

Answer: raised the price of oil

Explanation:

The OPEC ( organisation of oil exporting countries) placed an oil embargo in 1973 on the United States, this was as a decision to stop exporting oil to the United States due to their support of Israel in a subsequent war that year. In October 19, of 1973, the 12 nation members of OPEC agreed to the embargo. This embargo lead to the increase of oil prices over the next six months rising from just above $25 per barrel to about $47 per barrel.

Answer 2

The correct answer is the following: option A. During 1973, the OPEC issued the oil embargo and raised the price of oil. The OPEC (Organizacion de Paises Exportadores de Petroleo) made the decision to stop exporting oil to the United States on October 19th, 1976. As a consequence of the oil embargo, prices of oil quadrupled over the following 6 months. All 12 members of the organization agreed on the embargo to the United States, which changed forever the price of oil.