In 1973, the countries of the West faced a new economic hardship when

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In 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo on oil exports to countries that supported Israel in the Yom Kippur War. This caused a major increase in oil prices, and the resulting economic shock impacted the Western countries. The price of oil increased fourfold, leading to a significant economic crisis and energy crisis in the West.

In 1973, the Countries of the West Faced a New