Oil Crisis - OPEC By hmurray Feb 3, 1971 OPEC decided to set oil prices without consulting buyers Sep 17, 1973 Oil becomes a weapon Sep 17, 1973 Oil becomes a weapon Oct 1, 1973 Oil Crisis Begins Oct 16, 1973 OPEC raised oil price by 70%, to $5.11 a barrel Jan 1, 1974 World prices were four times higher than they had been at the start of oil crisis Jan 7, 1974 OPEC decides to freeze prices until April 1st Nov 7, 1978 Second Oil Crisis Begins Jun 26, 1979 OPEC raised oil prices 15% Jun 28, 1979 OPEC raised oil prices again by 50%
