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Lessons from the 1970s energy crisis can help prevent the next
Lessons from the 1970s energy crisis can help prevent the next
By Jason Bordoff and Meghan L. O’Sullivan
Fifty years ago this month, Arab members of the Organization of the Petroleum Exporting Countries cut off oil shipments to the United States in retaliation for American support for Israel during the 1973 Arab-Israeli War. The resulting energy crisis shocked the American people and shook the economy. Iconic images of boxy sedans and wood-paneled station wagons lined up for miles at the gas pump have remained etched in our national memory. Even the White House Christmas tree was not spared, remaining unlit as a sign of austerity.
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