oil embargo

Business
11:15 am
Wed October 16, 2013

The 1973 Arab Oil Embargo: The Old Rules No Longer Apply

On Dec. 23, 1973, cars formed a double line at a gas station in New York City. The Arab oil embargo caused gas shortages nationwide and shaped U.S. foreign policy to this day.
Marty Lederhandler AP

Originally published on Sun October 20, 2013 7:31 am

Forty years ago this week, the U.S. was hit by an oil shock that reverberates until this day.

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.

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. military interventions.

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