On October 16, 1973, OPEC, the organization of oil producing countries, announced a sudden increase in the price of a barrel of oil. The next day, in the middle of the Yom Kippur War, in response to the pro-Israel American intervention, its members decide to shut off the black gold tap to the countries which support Israel in this war. As a result, the price of a barrel of crude ... quadruple, from 2.32 to 9 dollars in four short months.
Read the dossier: Discover our dossier: how France recovered after the crisis of ..
Although France does not fall within the scope of this boycott, it is the chain reaction: the competitiveness of its companies is deteriorating and its trade deficit is widening. In 1975, industrial production fell by 10%. Bankruptcies of indebted or less competitive companies swell the number of job seekers, as do large modern firms that want to cut costs. In 1974, the country had 500,000 unemployed. Unheard of in a country which until then had only known full employment. The million will be crossed in 1977, the
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