1973

1973 was a year of the Gregorian calendar that began on a Monday. It is among the years of the twentieth century that brought significant changes to the global economy, particularly in matters of energy and oil prices.

The most notable events of that year included the October War between Egypt and Syria on one side and Israel on the other, and the decision by Arab oil-exporting countries to restrict oil deliveries to Western nations. This led to a sharp rise in oil prices and an economic crisis that affected the entire world.

The October War

In October 1973, the armed forces of Egypt and Syria launched an attack on territory held by Israel since the 1967 war. The war lasted several weeks, after which ceasefire agreements were reached based on United Nations involvement and international mediation. The war led to lengthy negotiations concerning the separation of forces.

The Energy Crisis

Arab oil-exporting countries used oil as a political tool, reducing production and imposing restrictions on certain Western nations. Oil prices rose sharply. Many countries introduced energy conservation policies, such as limiting vehicle traffic and seeking alternative energy sources.

Global Politics

That year saw a military coup in Chile that ended the presidency of Salvador Allende, with power passing to Augusto Pinochet. In the United States, the investigation into the Watergate affair intensified, affecting the administration of Richard Nixon. Also in 1973, new countries joined international organizations.