October 8–October 10—OPEC negotiations with oil companies to revise the 1971 Tehran price agreement fail.
October 12— The United States initiates Operation Nickel Grass, an overt strategic airlift operation to provide weapons and supplies to Israel during the Yom Kippur War.
October 16—Saudi Arabia, Iran, Iraq, Abu Dhabi, Kuwait, and Qatar unilaterally raise posted prices by 17% to $3.65 per barrel and announce production cuts.
October 17—OPEC oil ministers agree to use oil as a weapon to punish the West for its support of Israel in the Arab-Israeli war. They recommend an embargo against unfriendly states and mandate a cut in exports.
October 19—US President Richard Nixon requests Congress to appropriate $2.2billion in emergency aid to Israel, including $1.5 billion in out-right grants. Saudi Arabia, Libya and other Arab states proclaim an embargo on oil exports to the United States.
October 26—The Yom Kippur War ends.
October 23–October 28—The Arab oil embargo is extended to the Netherlands.
November 5—Arab producers announce a 25% output cut. A further 5% cut is threatened.
November 23—The Arab embargo is extended to Portugal, Rhodesia, and South Africa.
November 27—U.S. President Richard Nixon signs the Emergency Petroleum Allocation Act authorizing price, production, allocation and marketing controls.
December 9—Arab oil ministers agree to another five percent cut for non-friendly countries for January 1974.
December 25—Arab oil ministers cancel the five percent output cut for January. Saudi oil minister Yamani promises a ten percent OPEC production rise.
January 7–January 9, 1974—OPEC decides to freeze prices until April 1.
February 11—United States Secretary of State Henry Kissinger unveils the Project Independence plan to make U.S. energy independent.
February 12–February 14—Progress in Arab-Israeli disengagement brings discussion of oil strategy among the heads of state of Algeria, Egypt, Syria and Saudi Arabia.
March 17—Arab oil ministers, with the exception of Libya, announce the end of the embargo against the United States.
In the 694 days between 11 January 1973 and 6 December 1974, the New York Stock Exchange's Dow Jones Industrial Average benchmark lost over 45% of its value, making it the seventh-worst bear market in the history of the index. 1972 had been a good year for the DJIA, with gains of 15% in the twelve months. 1973 had been expected to be even better, with Time magazine reporting, just 3 days before the crash began, that it was 'shaping up as a gilt-edged year'. In the two years from 1972 to 1974, the American economy slowed from 7.2% real GDP growth to -2.1% contraction, while inflation (by CPI) jumped from 3.4% in 1972 to 12.3% in 1974.