Damages to Western Economies

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Oil Prices - Though the standoff subsided, the 1973 war had lasting implications. Israel's disdain for diplomacy with the Arabs had brought the world to the brink of superpower confrontation. It also brought the oil addicted Western world to its knees as the Arab oil producing states responded to allout American support for Israel in the war with devastating price increases. Kissinger had previously scoffed at the possibility of the Arabs wielding oil as a diplomatic weapon. The cut off in oil supplies rocketed the price of oil skyward, spurring a broader stagflation of the US and Western European economies that prevailed through the 1970s.