Translations:Hauptseite/366/en

The first oil crisis also followed in 1973. It was triggered by the Organisation of Arab Petroleum Exporting Countries (OAPEC), whose members decided in October to cut their production in response to the Yom Kippur War, in order to exert political pressure on the West. Within a few months, the price of crude oil quadrupled, and the prices of other commodities also continued to rise. Economic activity dived to an extent unprecedented in the history of the Federal Republic in 1974, especially in the construction industry, which was so central to Ahlmann.