Nova Petroleum Corporation
The story of Nova Petroleum Corporation begins in the petroleum boom days of the early 1980s and ends decades later in the healthcare industry.
In October 1973, OPEC declared what it called “oil diplomacy,” prohibiting any nation that had supported Israel in the Yom Kippur War from buying oil.
The embargo marked the end of cheap gasoline. The price of oil, which had ranged between $22 per barrel and $25 per barrel since the 1950s, skyrocketed to $51 a barrel by February 1974. America’s energy crisis caused New York Stock Exchange share values to drop by $97 billion. A devastating recession followed. (more…)
