(I) In October 1973 the Arab oil-producing states took the decision to restrict oil supplies to the West and raise oil prices. (II) The restriction of supplies was initiated as a short-run weapon in the Arab-Israeli conflict. (III) In fact, it revealed a potential for obtaining higher prices, which had not previously been exploited by the oil countries. (IV) Most economists argue that the exploitation of North Sea oil has been a mixed blessing for Britain. (V) Being aware of this potential, the international oil cartel OPEC raised the price for a barrel of crude oil from 1.75 US dollars in September 1973 to 7.00 US dollars in January 1974.