<P> 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 . By the end of the embargo in March 1974, the price of oil had risen from US $3 per barrel to nearly $12 globally; US prices were significantly higher . The embargo caused an oil crisis, or "shock", with many short - and long - term effects on global politics and the global economy . It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock ." </P> <P> By 1969 American domestic output of oil could not keep pace with increasing demand; in 1925 oil had accounted for one - fifth of American energy use . By the time World War II started one - third of America's energy needs was met by oil . Oil started to replace coal as a preferred fuel source--it was used to heat homes and generate electricity, and it was the only fuel that could be used for air transport . In 1920, American oilfields accounted for nearly two - thirds of global oil production . In 1945, US production had increased to just over two - thirds . The US had been able to meet its own energy needs independently in the decade between 1945 and 1955, but was importing 350 million barrels per year by the late 1950s, mostly from Venezuela and Canada . In 1973, US production had declined to 16.5% of global output . </P>

When did the oil embargo of 1973 end