Global Challenges on Climate Change: An Ongoing Portentous Transformation

October 1973 marked an important turning point that paved the way toward our modern global socioeconomic system, when the members of the OPEC proclaimed the well-known oil embargo, during which oil prices rocketed from US$ 3 per barrel to about US$ 12 per barrel globally by the end of embargo in March 1974, an increase of about 400%. This embargo was coined as the “oil shock” because of its long-term effects on the global economy and geopolitics.