October 28th, 1973 - First oil crisis


The first and most momentous oil crisis was triggered by the Arab-Israeli Yom Kippur War on October 28th, 1973. The Organization of Petroleum Exporting Countries (OPEC) purposely reduced the oil flow by about five percent in an oil embargo, in order to deter the Western countries from their support of Israel. The price of oil rose from about three U.S. dollars per barrel to over five U.S. dollars. This represents an increase of about 70 percent. Over the course of the next year the world oil price increased to over twelve dollars. The Federal Republic of Germany imposed a Sunday driving ban four times during that year. New speed laws were enacted. Later, daylight savings time was introduced. This had a moral, but not an economic effect. In 1974, the Federal Republic had to pay about 17 billion Deutschmark more for their oil imports than the year before. This worsened the economic crisis and led to an increase in unemployment as well as bankruptcies of companies.

Länge: 00:01:21 | O-Ton: nein | Farbe: ja | Jahr: 1973 | Clip-ID: JHT000358E


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28. September 1969 // Erste sozialliberale Koalition
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