Historical Oil Prices The 1973 Oil Crisis_1

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Crude oil is perhaps the most precious commodity in the planet in terms of political value and international affairs. The problem with the crude oil supply in the world is that too few countries sit over the vast majority of oil reserves. The whole world is in need of petroleum products for fueling economic and industrial growth. But the production and supply of petroleum products is confined to and controlled by a handful of countries. The chief oil producing countries in the world include Russia, Nigeria,Home Sauna units|10% - 70% Discount, Venezuela,http://homesaunaunits.webs.com/home-sauna-prices, Indonesia,http://homesaunaunits.webs.com/home-steam-sauna-units, and Gulf countries such as Saudi Arabia, United Arab Emirates, Qatar, Iraq, Iran,http://homesaunaunits.webs.com/home-saunas-for-sale, and Kuwait. The economies of a majority of the Gulf countries depend solely on oil. Oil riches are what propel other industries and sectors in these countries. The 1973 oil crisis is the result of these countries deciding to "teach a lesson" to other countries who supported Israel, the eternal rival of the Arab countries, during the Yom Kippur war in 1973. The decade of 1970s started with relationship