Especially, how other factors can cause increase or decrease in the oil price. I will begin with the crisis in 1970s and if we ever see again something like that in the future. Secondly, I will write about the world oil producers and how all the oil mechanism works and finally I will finish with the factors influencing the prices giving examples from the past. The 1973 oil crisis began on October 17, 1973, when the members of Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of OPEC plus Egypt and Syria) announced, as a result of the ongoing Yom Kippur War, that they would no longer ship oil to nations that had supported Israel in its conflict with Syria and Egypt (the United States, its allies in Western Europe, and Japan)

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