an oil embargo caused the american oil crisis of 1974.
an oil embargo caused the american oil crisis of 1974.
what caused the american oil crisis of 1974?
an oil embargo
1973 oil crisis









































the 1973 oil crisis began in october 1973 when the members of the organization of arab petroleum exporting countries proclaimed an oil embargo. the embargo was targeted at nations perceived as supporting israel during the yom kippur war. the initial nations targeted were canada, japan, the netherlands, the united kingdom and the united states with the embargo also later extended to portugal, rhodesia and south africa.
1973 oil crisis
during the 1960s, sir y.k. pao was determined to enter the tanker market. however, his lack of experience meant oil companies refused to charter his vessels. he was rejected by shell oil and various american oil companies. nonetheless, he managed to break into the market by acquiring a second-hand tanker that came attached with a charter. the tanker, renamed world oriental, was soon joined by world continental and world universal. pao continued approaching potential customers and then standard oil-esso eventually gave him a chance. by 1964, pao had nine tankers that were chartered by oil companies. the company's first very large crude carrier (vlcc) was constructed by kawasaki heavy industries and named world chief in 1969. another 42 vlccs were added to the fleet between 1970 and 1974 and most were constructed in japan. world-wide survived the first oil crisis as it had reliable charterers for its vessels. however, the company had to implement drastic measures to survive the second oil crisis. anna pao's husband dr helmut sohmen convinced pao of the severity of the crisis. the founder then promptly sold 140 ships within five years. the timely sales ensured that world-wide shipping was in a much better state than its competitors after the crisis as it was in a better position to cope with the increasing popularity of voyage charters and low freight costs.
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