Helicopter ditches in the seaThe first company union
Posted on by Kristin Øye Gjerde

The first oil crisis

person by the Norwegian Petroleum Museum
The first oil crisis erupted as a result of the Yom Kippur war.
— Ration cards were copied during the 1973 oil crisis, but never used.
© Norsk Oljemuseum

This conflict broke out on 6 October 1973 when Egypt and Syria attacked Israel. After the latter received US backing, the Arab nations responded with an oil boycott of the Americans and other countries supporting the Israelis.

The subsequent supply shortage caused oil prices to quadruple within three months. With buyers seeking to reduce their dependence on the Middle East, the North Sea became even more attractive ­– despite relatively high development and production costs.

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Helicopter ditches in the seaThe first company union
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Published 27. May 2019   •   Updated 7. October 2019

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© Norsk Oljemuseum
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