The shock to the world economy that occurred in October–November 1973 made OPEC an instantly recognized entity throughout the globe. Prior to that time, OPEC was known only to a relatively small number of government and business officials; it received scant attention in academic courses in international relations. When the quadrupling of oil prices and the oil embargo were announced, OPEC's instant renown engendered a concomitant degree of misunderstanding about that economic IGO. As is often the case even now, the mass media in the developed nations—particularly the United State—labeled the organization a "cartel" and encouraged the misperception that OPEC was responsible for the Yom Kippur war-related oil embargo. Neither of these characterizations is correct.