In October 1973 the Organization of Arab Petroleum Exporting Countries (OAPEC) sent shock waves through the industrialized world when it decreased the overall production of oil and embargoed the United States, Portugal, South Africa, and the Netherlands. The impact of these developments and a subsequent quantum rise in oil prices for the Western states and Japan was immediate and far reaching. On both sides of the Atlantic and in Tokyo there were fears of recession and even depression, the possibility of millions unemployed, and of massive deficits in the balance of payments.
O'Neill, Bard E. and Viotti, Paul R.
"Iran and American Security Policy in the Middle East,"
Naval War College Review: Vol. 28
, Article 6.
Available at: https://digital-commons.usnwc.edu/nwc-review/vol28/iss1/6