oil prices http://wrkf.org en The 1973 Arab Oil Embargo: The Old Rules No Longer Apply http://wrkf.org/post/1973-arab-oil-embargo-old-rules-no-longer-apply Forty years ago this week, the U.S. was hit by an oil shock that reverberates until this day.<p>Arab oil producers cut off exports to the U.S. to protest American military support for Israel in its 1973 war with Egypt and Syria. This brought soaring gas prices and long lines at filling stations, and it contributed to a major economic downturn in the U.S.<p>The embargo made the U.S. feel heavily dependent on Middle Eastern oil, which in turn led the U.S. to focus on instability in that region, which has since included multiple wars and other U.S. Wed, 16 Oct 2013 16:15:00 +0000 editor 17547 at http://wrkf.org The 1973 Arab Oil Embargo: The Old Rules No Longer Apply