Does OPEC Still Have the U.S. Over a Barrel?tags: OPEC, oil embargo
Steven Mufson, author of “Keystone XL: Down the Line,” covers energy and other financial news for The Washington Post.
In October 1973, the Arab members of OPEC pointed at the United States — and fired.
The Arab nations in the Organization of the Petroleum Exporting Countries imposed an embargo on direct oil shipments to the United States in retaliation for U.S. support for Israel, which was battling invasions by Egypt and Syria. They also announced production cuts of 5 to 10 percent....
The 1973 oil shock — which led to a quadrupling of international oil prices — exposed U.S. and European weaknesses. The embargo, magnified by ham-handed U.S. price controls and rationing, triggered gasoline lines and forced President Richard Nixon to call for a 50 mph highway speed limit, a six-degree cut in winter thermostat settings, shorter hours for gas stations and fewer Christmas lights. And yes, he became the first of eight consecutive presidents to call for energy independence.
Four decades later, does OPEC still have the United States and Europe over a barrel?...
comments powered by Disqus
- Neanderthal 'Art' Found In Cave Sheds Surprising New Light On Ancient Intelligence
- Midterm Election Mind-Reading: The Market Tends to Win
- Proof surfaces for affair between Queen Victoria and her male assistant
- Could humans cause another Paleocene-Eocene Thermal Maximum?
- Vikings are having a great year!
- Pro-Israel website chides Middle East Studies professors, claiming they’re apologists for Hamas
- UCLA Economist, Known as Railroad Historian, Dies at 89
- David Rosand, an Art History Scholar Whose Heart Was in Venice, Dies at 75
- NYT interviews Rick Perlstein about his book
- OAH issues a statement in support of the AP standards