The first oil embargo began on June 6 1967 as a result of the Six Day War. A number of Middle Eastern countries decided to limit their oil shipments to the West, but these were soon replaced by others such as Iran and Venezuela that jumped on the opportunity to increase their supplies. During the 1973 Yom Kippur War the Arab Nations declared an oil embargo. This caused a severe price increase. The price of a barrel of oil increased from $3 on the eve of the war to $5 within a year and then increased to $12 and eventually to $30 by 1980. In 1973 Israel was willing to pay $17 a barrel as long as supplies continued to flow. President Nixon’s refusal to stop supplying Israel with arms and Holland’s support of Israel led to a total embargo by OPEC to these two countries.