Remembering The 1973 Arab Oil Embargo - OpEd Eurasia Review:
"This fall marks the fortieth anniversary of the Arab oil embargo, a painful episode in American history that had a profound effect on both the economy and psyche of the United States. It began in mid-October 1973, following the US decision to resupply Israel with weaponry after Egypt and Syria launched a surprise attack on Yom Kippur, the holiest day of the Jewish year.
In response to President Nixon’s decision, the Organization of Arab Petroleum Exporting Countries, the Arab members of OPEC, declared an embargo and cut off oil supplies to the United States and its allies.
In the three months after the embargo was announced, oil prices quadrupled, from $3 to $12 per barrel. Yes, twelve bucks would be a monumental bargain in these days of $100-a-barrel crude, but back then it sent shock waves through developed country economies."
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