1973 Inflation has a significant impact on peoples lives around the world with the UK inflation rate running at 8.4% and the US running at 6.16% . This causes problems in every aspect of peoples lives from the price of Gas, Food and Bills , which in turn causes higher wages and the spiral continues, much of this is caused by the Arab members of the (OPEC) restricting the flow of oil to countries supporting Israel as part of the Yom Kippur War. And the start of a Recession in Europe causing increased unemployment and a 3 day week in the UK. Meanwhile in the US two important cases dominate the news with Roe v. Wade making abortion a US constitutional right and the start of the Watergate hearings in the US Senate, and due to price increase of gas the Japanese car manufacturers with smaller engines and more efficient have an impact of the US car industry

Cost of Living 1973

How Much things cost in 1973
Yearly Inflation Rate USA 6.16%
Year End Close Dow Jones Industrial Average 850
Average Cost of new house $32,500.00
Average Income per year $12,900.00
Average Monthly Rent $175.00
Cost of a gallon of Gas 40 cents
AMC Javelin car $2,900.00
A Dozen Eggs 45 cents



What Events Happened in 1973

• Arab members of the Organization of Petroleum Exporting Countries (OPEC), announce they will restrict flow of crude oil to countries supporting Israel causing price of oil to increase by 200%
• Recession begins in Europe following OPEC Oil price increases
• Roe v. Wade makes abortion a US constitutional right
• Britain Ireland and Denmark join the EEC
• Chrysler and other US car makers close a number of plants affecting 100,000 workers
• US Troops withdrawn from Vietnam and U.S. involvement in Vietnam War ends with the signing of peace
• World Trade Center in New York becomes the tallest building in the world
• Supreme Court of the United States rules on Roe v. Wade.
• IRA bombs explode in the Whitehall and the Old Bailey.
• Watergate Hearings begin in the United States Senate and President Richard Nixon tells the nation , “I am not a crook.”
• Yom Kippur War - Fourth and largest Arab-Israeli conflict begins as Egyptian and Syrian forces attack Israel
• Sydney Opera House is opened
• Armed members of the American Indian Movement and their supporters seize the old town of Wounded Knee in South Dakota
• Israel Shoots Down Libyan Passenger Plane
• In a Tennis Match billed as the battle of the sexes Mrs Billy Jean King defeats Bobby Riggs
• Belize Gains Independence From Great Britain
• A referendum in Northern Ireland results in a vote to stay as part of the United Kingdom
• Secretariat Wins Triple Crown first winner for 25 years
• The Bahamas Gains Independence From Great Britain
• Royal Navy Protect Trawlers in Cod War In Icelandic Waters
• The Mississippi River reaches its peak level in St. Louis during a record 77-day flood
  

Popular Culture 1973

Popular Films

• The Exorcist
• Deliverance
• Live and Let Die
• Paper Moon
• Dark Side Of The Moon Reminded by
• Pink Floyd Fan
• Last Tango in Paris
• Jesus Christ Superstar
• American Graffiti
• Lady Sings the Blues
• The Sting
  

Popular Musicians

• Stevie Wonder
• ABBA
• The Eagles
• John Lennon
• Paul Simon
• Pink Floyd " Dark Side Of The Moon "
• Rod Stewart
• Michael Jackson
• Elton John with " Crocodile Rock "
• Rolling Stones with " Angie "
• The Moody Blues
• David Bowie
• Led Zeppelin
• Wizzard
• Electric Light Orchestra
• Paul McCartney and Wings with " My Love "
• Bob Marley and the Wailers
• Diana Ross

Popular TV Programs

• The Odd Couple
• The Partridge Family
• Columbo
• Masterpiece Theater
• McMillan and Wife
  
• Old Grey Whistle Test (UK)
  
• Are You Being Served? (UK)
  
• Colditz (UK)
  
• Emmerdale Farm (UK)
  
• M*A*S*H
  
• Sanford and Son
  
• The Bob Newhart Show
  
• The Price Is Right
  
• The Waltons
  

Technology 1973

• Skylab, the United States' first space station, is launched
• The Sears Tower opens in Chicago
  

Inventions Invented by Inventors and Country ( or attributed to First Use )

• Genetic Engineering USA by S Cohen and H Boyer
• Barcode USA
• Optical Fiber USA
• Space Station USA Skylab
• Jetski or Personal Watercraft USA Clayton Jacobson II ( Original was only stand up and difficult to stay on ) manufactured by Kawasaki