Long-term Effects
Prior to the embargo, the geo-political competition between the Soviet Union and the United States, in combination with low oil prices that hindered the necessity and feasibility for the West to seek alternative energy sources, presented the Arab States with financial security, moderate economic growth, and disproportionate international bargaining power. Following the embargo, higher oil prices instigated new avenues for energy exploration or expansion including Alaska, the North Sea, the Caspian Sea, and Caucasus.
Read more about this topic: 1973 Oil Crisis
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