Echoes of the 1973 oil crisis
Echoes of the 1973 oil crisis
The attack on Israel on the 50th anniversary of the Yom Kippur War should remind us of another anniversary: the Arab oil embargo of 1973. The war began on October 6 and the Organization of the Petroleum Exporting Countries reduced production and increased prices on October 17. By the end of the embargo in March 1974, the global cost of oil had soared nearly 300 percent. Lines at gas stations and “out of gas” signs have become a feature of American life. The White House had ration cards printed in secret (fortunately never used), and the President Richard Nixon was considering military action to seize oil fields in Saudi Arabia, Kuwait and Abu Dhabi.
Copyright ©2023 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
Wj